Home Loans for Self-Employed and 1099 Buyers in Florida: What Are Your Options?

If you're self-employed or receive 1099 income, getting approved for a home loan in Florida can feel more complicated, but it’s far from impossible. Traditional lenders typically require W-2s and tax returns that show consistent income, which can be challenging when your income varies or you deduct a significant amount of business expenses. The good news? There are loan options designed specifically for people like you.

Bank statement loans are one of the most popular options. Instead of tax returns, lenders use 12 to 24 months of personal or business bank statements to calculate your average monthly income. This gives a more realistic picture of what you actually earn.

Stated income loans are another route, available through non-QM (non-qualified mortgage) lenders. These don’t require traditional income documentation, but instead rely on credit score, down payment, and other assets.

If you’ve been self-employed for at least two years and have strong credit, you may still qualify for a conventional or FHA loan, especially if your tax returns reflect stable income.

Working with a mortgage broker who understands the self-employed landscape in Florida is key. They can help you compare options and present your financial picture in the strongest way possible.

Bottom line? Being self-employed doesn’t mean you have to wait to buy a home. With the right guidance, you can find a loan that fits your unique financial situation.