Self-employed and 1099 borrowers in Florida can get a mortgage without two years of perfect tax returns. Bank statement loans, 1099-only loans, and P&L loans qualify you on the income your business actually brings in — not the lower number left after write-offs.
This guide compares every realistic option, shows how lenders calculate self-employed income, and lists what you'll need to apply.
Check Your Self-Employed Loan Options
Who Does Self-Employed Mortgages in Florida?
Most banks only offer conventional and FHA loans, which rely on your tax returns. Programs like bank statement and 1099 loans come from non-QM lenders, and mortgage brokers can shop several of them at once.
Next Wave Mortgage is a Fort Lauderdale mortgage broker that works with self-employed borrowers, freelancers, gig workers, and small-business owners across Florida. We compare tax-return and no-tax-return programs side by side, so you can see which one gives you the best rate for your situation.
Self-Employed Mortgage Options Compared
| Loan Type | Income Verified By | Typical Down | Best For |
|---|---|---|---|
| Bank statement | 12–24 months of bank statements | 10%–20% | Owners with heavy write-offs |
| 1099-only | 1–2 years of 1099s | 10%–20% | Contractors and gig workers |
| P&L-only | A prepared profit-and-loss statement | 15%–20% | Clean books, complex returns |
| Asset depletion | Savings and investments | 20%–30% | Retirees, high net worth |
| DSCR | The property's rent | 20%–25% | Investment properties only |
| Conventional / FHA | 1–2 years of tax returns | 3%–3.5% | Returns that show enough income |
Non-QM programs typically look for credit scores in the 620–680+ range, while FHA starts lower. Ranges vary by lender and change with the market — your credit, down payment, and reserves decide where you land.
Bank Statement Loans
A bank statement loan is the most popular option for self-employed Floridians. Instead of tax returns, the lender reviews 12 or 24 months of bank statements and averages your deposits.
- Personal statements: most eligible deposits count as income, excluding transfers between your own accounts.
- Business statements: the lender applies an expense factor — often around 50% — unless your CPA or tax preparer documents a lower one.
- Example: $15,000 in average monthly business deposits × 50% = $7,500 a month in qualifying income.
Expect to show 1–2 years of self-employment, a business license or CPA letter, and cash reserves after closing.
1099-Only Loans
Built for independent contractors, real estate agents, rideshare and delivery drivers, and other 1099 earners. The lender qualifies you on 1 to 2 years of 1099 forms — no tax returns or W-2s. Many programs apply a small expense factor to your gross 1099 income, and some count it in full.
P&L-Only Loans
If your books are clean but your tax returns are complicated, some programs accept a profit-and-loss statement prepared by a CPA, enrolled agent, or tax preparer, sometimes alongside two or three months of bank statements.
Asset-Depletion Loans
No steady income? Asset-depletion (or asset-utilization) loans turn your savings, investments, and retirement accounts into qualifying income by dividing eligible assets over a set number of months. They're common for early retirees, investors, and business owners between ventures.
Conventional and FHA Loans With Tax Returns
If your tax returns show enough income, a conventional or FHA loan will usually give you the lowest rate and down payment.
- Two years of returns is standard, though some approvals accept one.
- Self-employed less than two years? Conventional loans can accept 12–24 months of self-employment with prior experience in the same field.
- Freddie Mac Home Possible allows 3% down for borrowers under its income limits.
- Florida down payment assistance — including Hometown Heroes — works with these loans for eligible full-time Florida workers. Self-employed borrowers should confirm they meet the program's employment and income rules.
Buying a Rental? Use a DSCR Loan
If the home is an investment property, you may not need to document personal income at all. A DSCR loan qualifies on the property's rent, which makes it a favorite for self-employed investors. Our Florida DSCR calculator shows whether a property's rent covers its payment.
Documents Self-Employed Borrowers Need
- Government-issued ID
- 12–24 months of bank statements (bank statement loans), 1099 forms (1099 loans), or a prepared P&L (P&L loans)
- Proof you've been self-employed — a business license, CPA letter, or state filing
- Two months of statements for your down payment and reserves
- Tax returns, only if you choose a conventional or FHA loan
Florida Tips for Self-Employed Buyers
- Budget for insurance. Florida homeowners and flood insurance can be costly, and the lender counts it in your debt-to-income ratio.
- Separate your accounts. Mixing personal and business deposits makes bank statements harder to underwrite. Keep them apart for at least a few months before you apply.
- Plan your refinance. Many buyers start with a bank statement loan and refinance into a conventional loan once their returns support it.
Not ready for a mortgage yet? Our guide to Florida rent-to-own programs covers lease-to-own paths while you build your file. For the broader basics, see the requirements to buy a house in Florida.
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