Your tax returns say you earn less than you do. Bank statement programs qualify you on deposits instead. Tell us about your business and a licensed Colorado loan officer will walk you through how it works and whether it fits.
You send the form. Two minutes, no credit pull, no obligation.
A licensed Colorado loan officer calls within one business day, looks at your actual situation, and tells you what is realistic.
If there is a fit, you get a written plan and a short document checklist. If there is not, you get told that too, along with what would change the answer.
Sending this does not pull your credit and does not obligate you to anything. Lenddy.io, LLC, NMLS #2849217, is a licensed Colorado mortgage broker. This is not a commitment to lend; all loans are subject to credit approval and program guidelines. By submitting, you agree that a Lenddy loan officer may call or email you about your inquiry.
Instead of tax returns, the lender reviews 12 or 24 months of personal or business bank statements and derives income from the deposits, applying an expense factor when the account is a business account. You still document that the business exists, that you own it, and that you have reserves.
Commission and contract earners can sometimes qualify on 1099s alone, and some programs accept a profit-and-loss statement prepared by a tax professional when the bank statements support it.
These are non-QM loans: the pricing is higher than a conventional loan and reserves matter more. For many owners the math still works, because the alternative is a loan that never closes.
The lender averages your deposits over 12 or 24 months of statements to arrive at a monthly income figure, rather than using the net income on your tax returns. Business accounts get an expense factor; personal accounts need to show transfers from the business.
Lenders that offer non-QM programs, which most big-name retail lenders do not advertise. Lenddy is a licensed Colorado mortgage broker with access to several of them, which means the question is which one fits your file, not whether one exists.
With a bank statement or 1099 program, tax returns are not the qualifying document, so yes, that is exactly what these programs are for. You will still verify the business and your ownership of it.
Programs offer both. Twenty-four months usually gives a fuller picture and can help a seasonal business; twelve months can help a business that has grown recently. Which one is better for you is a real question for the call.
It moves with the loan size, the amount of cash out, your equity and the rest of the file, and it differs between programs, so we do not publish a number. The call is where you get a real one for your situation.