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Key Features
Is a Self-Employed Mortgage Right for You?
A self-employed mortgage may be a good fit if you:
- Are self-employed, a 1099 contractor, gig worker, or small business owner
- Have strong bank deposits or 1099 income but lower taxable income due to business write-offs
- Have a 700+ credit score and can put down at least 10%
- Want to qualify based on real cash flow, not adjusted gross income
A self-employed mortgage may not be the best option if:
- Qualify easily using traditional W-2 or salary income on tax returns
- Have inconsistent deposits with no clear income trend
- Need the absolute lowest interest rate available regardless of flexibility
- Have less than one year of self-employment history in your current field
A NASB loan officer can help you compare self-employed mortgage options with conventional, jumbo, or other non-QM products to determine what works best for your situation.
Bank Statement Loan
The Bank Statement Loan lets self-employed borrowers qualify based on personal or business bank deposits over a 12 or 24-month period, instead of tax returns or pay stubs. NASB applies an expense factor — either standard or CPA-verified — to calculate qualifying income from real cash flow.
Best for: Business owners, freelancers, and contractors whose tax returns understate actual income due to legitimate business deductions.
Requirements include:
- 12 consecutive months of bank statements from the same account
- 10% down payment required with mortgage insurance
- Up to 90% maximum Loan-To-Value (LTV)
- 700 minimum FICO credit score
- 50% maximum debt-to-income ratio (DTI)
- $175,000 minimum, $1,250,000 maximum loan amount1
- Escrow for taxes and insurance is required
- Two years of self-employment (one-year exception available in same field)
- 10% down with no MI option available at 740+ FICO3
1099 Mortgage Loan
The 1099 Mortgage Loan uses 100% of 1099-NEC income from the last 12 months, plus year-to-date documentation, to qualify independent contractors and freelancers — no tax returns required. This program is ideal for self-employed borrowers who maximize legitimate tax deductions, since it evaluates earning capacity before write-offs reduce taxable income.
Best for: Independent contractors, freelancers, and 1099 earners with consistent income but significant business deductions.
Requirements include:
- The last 12 months of 1099-NEC income
- Year-to-date documented income
- 100% of 1099 income is considered
- 700 minimum FICO credit score
- 20% minimum down payment
- Two-year history in the same line of work
- $175,000 minimum loan amount2
- 10% down payment with no mortgage insurance option available3
How Self-Employed Mortgage Loans Work
NASB offers two qualifying paths for self-employed borrowers, depending on how income is documented:
Example: Bank Statement Loan
A self-employed graphic designer deposits an average of $15,000 per month into a business account but reports a lower adjusted gross income on tax returns due to legitimate business deductions. Using 12 months of bank statements, NASB reviews consistent deposits, applies an appropriate expense factor, and calculates qualifying income based on actual cash flow — allowing the borrower to qualify for a mortgage without tax returns.
Example: 1099 Mortgage Loan
An independent IT consultant earns $180,000 in 1099-NEC income annually but writes off $60,000 in legitimate business expenses, leaving $120,000 on tax returns. Using NASB's 1099 Mortgage Loan, NASB qualifies the borrower on 100% of the $180,000 in 1099 income — significantly improving the loan amount available compared to conventional underwriting based on adjusted gross income.
Both approaches help borrowers whose earnings are strong but understated on tax filings due to common self-employment write-offs.
Video: How to Get a Home Loan if You're Self-Employed
Learn how self-employed borrowers can qualify for a mortgage without W-2s or pay stubs. Watch this video to explore the two flexible loan options that make homeownership possible for business owners, freelancers, and independent contractors.
What Makes NASB Different for Self-Employed Borrowers
NASB has been a federally chartered, FDIC-insured savings bank serving customers since 1927. As a portfolio lender on its non-QM products, NASB combines institutional stability with the underwriting flexibility self-employed borrowers need.
Advantages of working with NASB:
- Federally chartered, FDIC-insured savings bank since 1927
- Both Bank Statement Loan and 1099 Mortgage Loan options under one roof
- In-house underwriting, processing, and closing — we don't broker your loan
- Manual underwriting that evaluates the full picture of your business
- No prepayment penalties on either program
- Both 12-month and 24-month bank statement options
- 100% of 1099 income considered (no expense factor reduction)
- Personalized lending support from a single loan officer, start to finish
Self-employed mortgages from NASB are ideal for:
- Self-employed professionals
- Entrepreneurs
- Small business owners
- Realtors
- Independent Contractors
- Truck drivers
- Healthcare workers
- Consultants
- Freelancers
- Gig workers
Self-Employed Home Loans FAQs
What Our Customers Say
general non-qm reviews
Self-Employed Home Loan Blogs
Can't Find What You Need?
NASB offers additional non-QM loan products that may better suit your unique situation.| Loan Type4 | Who is it for? | Min. Credit Score | Min. Loan Amount | Min. Down Payment |
|---|---|---|---|---|
| DSCR Loan | Real estate investors | 700 | $175,000 | 25% |
| Asset Depletion Loan | Borrowers using liquid assets to qualify | 700 | $175,000 | 20%3 |
| Jumbo Loan | Borrowers with home purchases above the conforming limit | 720 | $805,501 | 20% |
| Credit Event Loan | Helps individuals get a mortgage after credit event like bankruptcy | 620 | $175,000 | 30% |
Talk with one of our knowledgeable loan officers to discuss your circumstances and discover the mortgage solutions that work best for you. Call us at 888-956-2137.
How NASB Compares to Other Lenders for Self-Employed Borrowers
Self-employed borrowers comparing mortgage lenders should consider both program features and the lender behind them. While many non-QM lenders offer similar programs to NASB, NASB stands apart in three ways: it's a federally chartered, FDIC-insured savings bank rather than a mortgage company; it has served customers since 1927; and it has earned consistently high customer reviews across major platforms. Here's how that compares to leading non-QM lenders for self-employed borrowers.
| Feature | NASB | Angel Oak | Griffin Funding | CrossCountry Mortgage |
|---|---|---|---|---|
| Bank vs. Mortgage Company | ||||
| Federally chartered bank | ✓ | ✗ | ✗ | ✗ |
| FDIC-insured institution | ✓ | ✗ | ✗ | ✗ |
| Year established | 1927 | 2008 | 2013 | 2003 |
| Years serving customers | 95+ years | ~17 years | ~12 years | ~22 years |
| Direct Lending Advantage | ||||
| Direct lender (no broker layer) | ✓ | Wholesale & retail | ✓ | ✓ |
| Portfolio lender (loans held in-house) | ✓ | ✗ | ✗ | ✗ |
| In-house manual underwriting | ✓ | ✓ | Hybrid | ✓ |
| Industry-Standard Program Features | ||||
| Minimum down payment | 10% | 10% | 10% | 10% |
| Maximum LTV | 90% | 90% | 90% | 90% |
| Customer Trust & Reviews | ||||
| Zillow rating | 4.96 / 5.0 (1,605 reviews) | 5.0 / 5.0 (19 reviews) | 4.95 / 5.0 (99 reviews) | 4.97 / 5.0 (23,221 reviews) |
| WalletHub rating | 4.8 / 5.0 (1,703 reviews) | No rating | 4.7 / 5.0 (755 reviews) | 2.2 / 5.0 (185 reviews) |
| Business Insider rating | 4.62 / 5.0 | 3.67 / 5.0 | No rating | 4.37 / 5.0 |
Why self-employed borrowers choose NASB
As a federally chartered, FDIC-insured savings bank serving customers since 1927, NASB offers both Bank Statement Loans and 1099 Mortgage Loans designed for self-employed borrowers. NASB underwrites in-house, manually — real underwriters evaluate the full picture of your business rather than rejecting files that don't fit a rigid template. Because NASB is a portfolio lender that often holds loans on its own balance sheet, you're working with the institution that actually makes the decision — not a broker passing your file to an outside investor.
1Bank Statement Loans require a minimum $175,000 loan amount (exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas), a minimum credit score of 700, and a 10% down payment with approved mortgage insurance. Contact a NASB Loan Officer for more details on the specific areas and/or zip codes excluded. Not available in New York state, the Chicago or Baltimore metropolitan areas, and not available in all locations or for all property types. Loans subject to underwriting and eligibility criteria, and other factors. Your loan officer will provide you with more information regarding Bank Statement loans and what may work best for your situation.
21099 loans require a minimum 700 FICO score, a minimum loan amount of $175,000 (exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas), and a 20% down payment. A lower FICO score or down payment may be available with eligible compensating factors. Must have a two-year history in the same line of work. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes. The product is not available in New York, the Chicago or Baltimore metropolitan areas and not in all locations or for all property types. Loans are subject to underwriting, eligibility criteria, and other factors. Your Loan Officer will provide more information regarding 1099 loans and what may work best for your situation.
310% minimum down payment with no mortgage insurance requires a minimum 740 credit score, no prior bankruptcy, and a 12-month housing history. Otherwise, borrowers need a minimum credit score of 700 and a 10% down payment with approved mortgage insurance.
4Additional eligibility criteria for each loan product may exist. Visit nasb.com for more information on each loan product type. Loans are subject to underwriting and eligibility criteria, and other factors. Your loan officer will provide you with more information regarding a specific loan and what may work best for your situation. The 1099 Loan, DSCR Loan, and Credit Event Home Loan products are not available in New York, the Chicago or Baltimore metropolitan areas and not in all locations or for all property types. Contact a NASB Loan Officer for more details on product eligibility, specific areas and/or zip codes excluded.
