Self Employed Mortgages don’t have to be complicated, and getting preapproved can be easier than you think—even if your income fluctuates. At Bennett Capital Partners, we specialize in helping freelancers, entrepreneurs, and small business owners secure the right financing quickly.
In this guide, you’ll learn how to organize your documents, boost your credit score, and choose a loan program that fits your unique financial situation. By the end, you’ll know exactly how to get preapproved with confidence and take the next step toward owning your dream home.
Key Takeaways
✅ Self-employed borrowers often need to show steady income using tax returns or bank statements. However, we also offer low-doc and no-doc mortgage programs that streamline the approval process—making it easier to qualify for self employed mortgages even if you can’t provide extensive paperwork.
✅ A good credit score is key. Conventional loans need a score of 620 or above, while FHA loans require at least 580. Borrowers also need a debt-to-income ratio of 43% to 55%.
✅ Many loan options exist. These include conventional loans, bank statement loans, no ratio loans, DSCR loans, asset utilization loans, and portfolio loans, each with its own clear rules.
✅ Fast approval is part of the process. With proper documentation, most approvals take only 14 to 21 days. Bennett Capital Partners guides borrowers through each step.
Quick Navigation - Click the link below to jump to that section..
How to Qualify for a Mortgage When Self-Employed
Securing a mortgage as a self-employed borrower starts with well-organized financial records. Lenders typically look for tax returns, profit and loss statements, and bank statements to confirm steady income, but that’s not the only path to approval.
At Bennett Capital Partners, we offer Non-QM programs that allow higher DTI ratios—or even No Ratio and DSCR options—to give self-employed borrowers more flexibility.
Understand self-employment requirements
Self-employed borrowers must meet specific guidelines to qualify for a home loan. Lenders typically look at net income (gross earnings minus expenses) and may request 1099s, Schedule C forms, or other business tax returns to verify your earnings.
Generally, you need to own at least 25% of a business or work as a freelancer/independent contractor to be considered self-employed. However, even if you have less than two years of self-employment, you can still qualify if you provide documentation that shows consistent income.
A strong credit score is also important: most conventional loans require a minimum 620 score, while FHA loans accept 580. Your debt-to-income (DTI) ratio usually needs to stay between 43% and 55%, but Non-QM programs can accommodate higher DTIs and unique financial profiles.
With the right documentation and guidance, self-employed borrowers can secure a mortgage that fits their situation—no matter how unpredictable their income might seem.
Gather and organize necessary documentation
We help you gather and organize the necessary documentation to speed up the mortgage application process. We analyze your documents to ensure you meet program restrictions.
Tax returns and complex financial statements are not required for all programs, so it's important to discuss your specific situation with Bennett Capital Partners to determine the best option for your needs.
Understand the Basics of QM vs. Non-QM Mortgages
Qualifying for a self-employed mortgage often involves choosing between Qualified Mortgages (QM) and Non-Qualified Mortgages (Non-QM). QM loans generally cap your debt-to-income ratio at 43% and require two years of tax returns to verify income.
In contrast, Non-QM loans can allow DTIs up to 50–55%, and often rely on 12–24 months of bank statements instead of standard tax returns—an ideal solution for borrowers with fluctuating income.
At Bennett Capital Partners, we break down these options in plain language so you know exactly what to expect. Whether you have tax returns, bank statements, or profit-and-loss statements, our experienced team streamlines the process and follows established underwriting guidelines to ensure a smooth path to approval.
If your income doesn’t fit the traditional W-2 mold, our flexible Non-QM programs can still help you secure the financing you need.
"As a self-employed freelancer, I always worried about securing a mortgage. But working with Bennett Capital Partners changed everything. Their clear, personalized approach helped me organize my documents and prove my income. I received competitive rates and a fast approval process, making my dream of owning a home in Miami a reality." Carlos Ramirez, Miami, FL
📞 Give Us A Call Today 1-800-457-9057
Tips to Improve Your Mortgage Application
At Bennett Capital Partners, we provide clear strategies to help you raise your credit score, reduce your debt ratio, and meet each lender’s guidelines. We also show you how to prove steady income and build reserve funds, so you can qualify for a broader range of self-employed mortgage options.
Boost your credit score
To qualify for a self-employed mortgage with better terms, start by reviewing your credit reports through Equifax, TransUnion, and Experian and disputing any errors immediately.
Paying down revolving debt—like credit cards—helps raise your FICO score, ensuring you meet the 620 minimum for conventional loans or 580 for FHA.
Our group manages revolving credit accounts to raise scores and meets the minimum of 620 for conventional loans and 580 for FHA loans.
Consistently on-time payments and at least 12 months of reliable credit history show lenders you can manage mortgage payments even if your income fluctuates.
By improving your credit profile, you not only broaden your loan options but also demonstrate the financial stability lenders look for in self-employed borrowers.
Lower your debt-to-income ratio
Maintaining a debt-to-income (DTI) ratio below 43% is crucial for QM and conforming loans, especially when you’re self-employed. We help you achieve this by paying off existing loans early, avoiding new debt, and trimming unnecessary expenses. Building reserve funds also reassures lenders that you can handle unexpected costs without jeopardizing your mortgage payments.
In addition, we ensure your credit report is accurate and guide you in documenting steady income through tax returns, bank statements, or other acceptable proofs. A well-managed DTI, combined with organized financial records, makes it easier to qualify for a self-employed mortgage and secure favorable terms, no matter how unique your income situation may be.
Build reserve assets
Reserve assets show lenders our stability and strength. They prove our financial readiness when we apply for a mortgage if we’re self-employed. We keep business and personal expenses separate to improve our credit utilization scores.
This practice helps us demonstrate our clear need for a mortgage.
Minimum reserve assets may be required for some loan types even if you’ve been self-employed for less time. We build our reserve assets to prove our income and cover mortgage payments in case unexpected costs arise.
Self-employed borrowers may use this method to boost their application and meet loan terms.
Maintain Consistent Income Documentation (to better reflect fluctuating earnings)
Keeping your financial records up to date is crucial when your income fluctuates. Lenders often average your earnings over a two-year period, so profit and loss statements, bank statements, and other supporting documents help demonstrate your stability and capacity to repay.
By tracking every income stream, you reduce the unique challenges of proving self-employment. An organized approach to documentation streamlines the underwriting process and boosts your chances of securing a self-employed mortgage.
Loan Options for Self-Employed Borrowers
At Bennett Capital Partners, we understand that self-employed borrowers often deal with fluctuating income and unique documentation challenges. That’s why we offer a range of flexible loan solutions—from conventional to Non-QM programs—designed to fit diverse financial situations.
See the options below to find out how each program can help you secure the right mortgage for your needs.
Today's Self Employed Mortgage Rates
Conventional Loans: Navigating Traditional Mortgage Standard
Conventional loans provide a reliable pathway to homeownership for self-employed borrowers who can document their income properly. At Bennett Capital Partners, we specialize in helping self-employed individuals navigate the stricter documentation requirements of Fannie Mae and Freddie Mac loans.
For self-employed borrowers, conventional loans typically require two years of tax returns but not always, and financial statements to verify income stability. Conforming loans are capped at $806,500, require a minimum 620 credit score, and offer down payment options as low as 3% for qualified applicants.
Our team works hard to show that mortgage as a self-employed person can succeed. We assist clients in proving their income despite unique challenges of self-employed borrowers. Good credit history and sufficient liquid assets matter.
Self-employed mortgage loan options exist for those denied a loan elsewhere.
Bank Statement Loans: Flexibility for Self-Employed Income
Our bank statement loans with clear terms for self-employed borrowers. Our process needs 12 to 24 months of financial records to show income.
Our bank statement loans simplify the process for self-employed borrowers by eliminating the need for tax returns. Bank Statement loan rates are very competitive. Lenders determine your income based solely on your monthly deposits averaged over the last 12-24 months.
For personal bank statements, 100% of deposits are counted, while business bank statements apply an expense factor ranging from 20% to 80%—with most lenders standardizing at 50%.
The minimum down payment of 10% to achieve a loan-to-value ratio of up to 90%. With debt-to-income requirements kept at 50% or lower, bank statement loans open the door to securing a self-employed mortgage without the heavy documentation typically required.
No Ratio Loans
No Ratio Loans require no income or employment verification. Self-employed borrowers are eligible for this flexible option.
This product suits borrowers with unique financial situations.
This innovative financing option is specifically designed for self-employed professionals who prefer to keep documentation minimal. By removing the traditional income verification requirements, we've streamlined the mortgage process for business owners, freelancers, and independent contractors.
At Bennett Capital Partners, we've helped countless self-employed borrowers secure financing through our No Ratio Loan program. Our expertise ensures you'll receive personalized guidance through each step of the process, from application to closing.
Asset Utilization Loans
Asset Utilization Loans offer a sophisticated alternative to traditional income verification by converting your existing assets into qualifying income. This innovative approach allows self-employed professionals to secure financing based on their accumulated wealth rather than documented earnings.
With our Asset Utilization program, we calculate your income by dividing your verified assets by either 60 or 84 months, creating a steady income stream for qualification purposes. The program accepts a diverse range of assets including checking and savings accounts, stocks, bonds, ETFs, and eligible retirement accounts.
Borrowers can secure financing from $250,000 up to $5,000,000 with this flexible solution—ideal for high-net-worth individuals whose tax returns may not reflect their true financial capacity. Self-employed entrepreneurs particularly benefit from this streamlined qualification process that focuses on assets rather than business documentation.
P&L Statement Loans
Our P&L Statement Loans offer a straightforward solution for self-employed business owners. Instead of complex tax returns, we use profit and loss statements prepared by your CPA or tax preparer to verify income.
This program provides financing from $100,000 to $3,000,000 with a minimum credit score of 600. You'll need at least two years of business history and a 20% down payment. The best part? This approach often reveals a more accurate picture of your current earnings than tax returns alone.
Self-employed borrowers particularly benefit when their tax returns show reduced income due to business deductions. Your P&L statements and supporting bank documentation help us see your true financial capacity.
DSCR Loans (Debt Service Coverage Ratio)
DSCR loans focus on your property's rental income instead of your personal finances. The Debt Service Coverage Ratio measures if the rental income can cover the mortgage payment and expenses.
This program is perfect for real estate investors and self-employed borrowers. We offer loans up to $5,000,000 with a minimum 620 credit score and as little as 20% down. Larger down payments will have much better rates.
Even properties with DSCR below 1.0 can qualify under certain conditions.
The best part? No personal income verification is needed. We don't calculate debt-to-income ratios or require tax returns. The property's income potential determines approval, not your personal earnings.
FHA & VA Loans: Government-Backed Options for Self-Employed
Federal Housing loans (FHA Loans) have a minimum credit score of 580 and a down payment as low as 3.5%, making them accessible for self-employed borrowers. U.S. Veterans Administration options (VA Loans) cover up to 100% of the loan amount with no down payment needed, giving us confidence when helping self-employed clients secure mortgage financing.
Both programs accept business income with proper documentation, providing flexible paths to homeownership for entrepreneurs and independent contractors.
We help self-employed borrowers navigate the documentation requirements for these government programs. Our team ensures your business income is properly verified and presented to secure these advantageous loan options.
Portfolio Loans: Customized Lending for Unique Income
Portfolio loans provide flexible income verification options for self-employed borrowers. Unlike traditional loans, many portfolio programs accept bank statements and 1099 forms instead of lengthy tax returns.
These loans work well for business owners with at least 25% ownership who need financing that adapts to their unique income structure.
With amounts from $250,000 to $50,000,000 and options for both residential and commercial properties, portfolio loans offer customized solutions when conventional financing doesn't fit your situation.
Reach out to use for our expertise with portfolio loans.
Bennett Capital Partners Self-Employed Mortgage Advantage
We provide customized mortgage programs to fit our self-employed income needs. Our process is fast and clear, and our experts support you at every step.
Tailored Loan Programs for Unique Income
We build loan programs that match diverse income streams. We work with lenders and banks to secure loans above $100,000 for asset-based options. We offer private loans that finish fast, with repayment terms of one to three years.
We use flexible options such as bank statement, DSCR, and asset utilization loans.
We shape our programs to suit fluctuating earnings for self-employed borrowers. We use clear documentation and expert tools to assess each case. We guide homebuyers, real estate investors, and realtors through every step.
We drive success with straightforward, adaptable steps that fit unique income profiles.
Streamlined Application & Fast Approval Process
Our application moves fast and simply. Submission of personal financial details kicks off a quick quote process. We use a system built for self-employed individuals. Philip Bennett’s extensive experience drives our efficient approval process.
Approval speeds finish in 14 to 21 days. Our process handles each detail swiftly and clearly. We focus on strong results and clear steps at every stage.
Expert Guidance Every Step of the Way
We guide self-employed clients in Florida. Our team shows how to gather records and meet income proofs. Our experts share simple steps to check credit scores and find the right loan option.
We offer clear advice on options like conventional loans, bank statement loans, and DSCR loans.
Our experts assist homebuyers, real estate investors, and realtors. We set clear documentation requirements for fast approvals. We use proven criteria to check credit and income proof.
We offer advice that meets every self-employed need. We help choose loans that match unique income and asset profiles.
"Being self-employed made me nervous about qualifying for a home loan, but the team at Bennett Capital Partners made it seamless. They understood my unique financial situation and guided me through every step. Thanks to their expertise, I secured a mortgage with excellent terms and am now happily settled in Tampa." Jessica Martin, Tampa, FL
📞 Give Us A Call Today 1-800-457-9057
Conclusion
Self-employed borrowers in Florida can secure a strong mortgage with careful preparation. We gather and verify income records to prove financial strength. Bennett Capital Partners offer programs that match unique income profiles.
These loans boost credit, lower debt levels, and ease the application process.
FAQs
What are self-employed mortgage loans?
Self-employed mortgage loans are specialized loan products designed to help individuals who are self-employed obtain financing to buy a home. These loans often have different requirements compared to traditional loans, especially regarding proof of income.
How can I get approved for a self-employed mortgage loan?
To get approved for a mortgage loan as a self-employed individual, you typically need to provide comprehensive documentation of your income, such as tax returns, profit and loss statements, and sometimes bank statements. Lenders typically look for at least one year of self-employment history.
How do mortgage lenders assess income for mortgage approval for self-employed individuals?
Mortgage lenders require self-employed borrowers to provide documentation to verify their income. They typically use tax returns and other financial statements to determine gross income and assess the borrower's ability to make monthly mortgage payments.
Is it possible to get a mortgage with less than two years of self-employment?
While lenders typically prefer at least two years of self-employment history, some may approve a mortgage with less if the borrower has a strong credit score and can provide substantial proof of income.
How can I get a self-employed mortgage in Florida?
To get a self-employed mortgage in Florida, you need to provide documentation of your self-employment income, including tax returns, profit and loss statements, and bank statements. It's essential to demonstrate stable income to qualify for a home loan.
What do I need to know about getting a mortgage as a self-employed person?
Getting a mortgage as a self-employed person requires additional documentation like tax returns and proof of business income. Lenders often look for a consistent income stream, and they may impose higher interest rates compared to traditional borrowers.
How can I get a self-employed mortgage loan if I have been self-employed for less than two years?
If you have been self-employed for less than two years, you can still get a mortgage, but you may need to provide additional documentation, such as your previous employment history and a strong financial profile. Some lenders may offer options tailored for those self-employed for less than two years.
What type of mortgage is best for self-employed borrowers?
The best type of mortgage for self-employed borrowers often depends on their financial situation, but options include conventional loans, FHA loans, and bank statement loans. Each loan type has different requirements and terms that may suit self-employment income.
Sources
