You searched:
“No W2 income need a mortgage”
If you're searching for "No W2 income need a mortgage," you're probably feeling like the system was built for everyone except you. Maybe you've been told "no" by a bank who wouldn't even look past your tax returns, or you're staring at a pile of 1099s wondering how on earth that translates to "real income." Take a breath. You're not broken, and you're definitely not alone—over 16 million Americans are self-employed right now, and nearly 40% of them have been told they don't qualify for a mortgage because they can't produce a neat little W2. Here's what most people don't know: banks and mortgage companies are not the same thing. Banks sell cookie-cutter loans; mortgage companies like NMHL carry an entire toolbox of specialized programs—bank-statement loans, 1099-only loans, asset-depletion loans, P&L loans—that were designed precisely for people whose income doesn't fit in a traditional box. In the next few minutes you'll learn exactly which documents you actually need, which programs reward the way you really make money, and how to put yourself in front of a human underwriter who understands self-employment instead of an algorithm that doesn't. You've already done the hard part—building a business, serving clients, paying bills. Let's get you home.
Take a breath. Help is here.
- You are not alone -- thousands of people search this every month
- Real options exist for your specific situation
- No judgment -- just honest guidance from licensed professionals
We've Helped Others in Your Situation
Why This Happens
Understanding the common reasons -- and knowing that each one has a path forward.
- 1Banks only offer conventional or vanilla government loans; they don’t keep the creative programs on their shelf.Solution exists
- 2Your CPA legitimately maximizes write-offs, so your net income on paper looks smaller than the cash you live on.Solution exists
- 3You switched from employee to contractor mid-year, so your last W2 is old and your 1099s look ‘too new’ to count.Solution exists
- 4You juggle multiple revenue streams—Uber, Etsy, freelance design—and banks don’t know which bucket to pour into their calculator.Solution exists
- 5You took a business loss during COVID and banks won’t look past that red ink even though you’re profitable again.Solution exists
There's Always a Path Forward
Being denied feels overwhelming, but it doesn't mean your homeownership dream is over. Our specialists work with challenging situations every single day.
Why Banks Say 'No' to Self-Employed Income (and Why We Don’t)
Walk into most bank branches and hand them a stack of 1099s or a Schedule C showing heavy deductions; the loan officer’s eyes glaze over. Their computer underwriting is trained to look for two years of W2s, year-over-year stable salary, and a debt-to-income ratio under 43%. Anything outside that tidy box triggers a denial.
National Mortgage Home Loans isn’t a bank—we’re a licensed mortgage lender that holds dozens of wholesale credit lines. That means we can shop your loan to niche investors who actually want self-employed paper because they price the risk differently. For them, 12 months of consistent deposits or a rising 1099 trend line is more predictive than a vanilla W2.
We underwrite to agency guidelines (FHA, VA, USDA) but also to bank-statement overlays, 1099-only overlays, and asset-depletion overlays. Translation: one set of eyes reviews your file human-to-human, not one algorithm that only knows boxes to check. That’s why a borrower who was declined on a Saturday can be pre-approved with NMHL on Monday using the exact same paperwork.
Key takeaway: A denial from a bank is not a denial from the mortgage universe—it’s a signal to call a specialist who carries more tools.Keep your bank denial letter; we often use it to document that you tried conventional first, which can speed the new file through compliance.
Document Checklist: What You Really Need vs. What You Think
Forget the myth that you need two years of perfect tax returns. Here’s the real-world checklist for each of our most popular no-W2 programs:
- Bank-Statement Loan: Most recent 12 or 24 months of personal OR business statements; one-page CPA letter or QuickBooks P&L; copy of business license or EIN confirmation.
- 1099-Only Loan: Last year of 1099s; current client letter confirming ongoing work; two months of bank statements showing deposits; valid ID.
- Profit & Loss Loan: CPA-prepared YTD P&L dated within 120 days; last two years of business or personal returns (if available); three months of business bank statements.
- Asset-Depletion Loan: Most recent two months of all asset accounts (401k, IRA, brokerage, savings); letter verifying funds are liquid or vested; no employment docs needed.
Notice what’s missing: W2s, pay stubs, employer verification forms. If you were stressing about not having those, you can officially stop worrying.
We also don’t need perfect credit explanations for every late payment from 2018. Bring what you have; we’ll identify gaps and help you fill them fast—often with a simple letter of explanation or a rapid rescore that takes three business days.
Scan everything to a single PDF on your phone; our secure portal can read screenshots, phone photos, or cloud drive links—no fancy equipment required.
Real Numbers: What Qualifying Looks Like
Let’s turn the abstract into concrete. Say you drive ride-share and freelance graphic design. Your 2022 tax return shows $28,000 net income after mileage and gear write-offs, so a bank pre-qualifies you for only a $140,000 house—if that. Your gross 1099s, however, total $74,000 and your monthly bank deposits average $6,165.
NMHL’s 1099-only program multiplies $74,000 x 0.85 (industry standard expense factor) = $62,900 qualifying income. On a 7% 30-year fixed, that supports roughly a $350,000 sales price with 10% down—an extra $210,000 of buying power without changing a single tax deduction.
Another example: you consult in tech, pay yourself irregularly, but your business account has averaged $25,000 per month for 24 months. Our bank-statement guidelines credit 50% of deposits (conservative), giving you $12,500 monthly income. Deduct a $3,500 housing payment and $2,100 in other debts, and your DTI is 44%—well within program limits for loan amounts up to $1.5 million with 15% down.
These are actual files we closed in 2023, not textbook hypotheticals. Numbers like these are why borrowers who were told “maximum $200k” end up closing on the $400k home their family actually needs.
We’ll run your scenario through three different income calculations at once—whichever gives you the highest usable number is the one we submit.
Timeline: From Panic to Keys in Hand
Day 1: Upload statements or 1099s to NMHL portal; 30-minute phone call locks program choice. Day 2: Pre-underwrite file, issue pre-approval letter you can attach to offers. Day 3-17: House hunt with confidence; once you’re under contract we order appraisal and title.
Day 18: Appraisal back; any conditions cleared same day. Day 21: Final underwriting sign-off; closing disclosure sent. Day 25-30: Sign docs, get keys. Compare that to the 45-60 day horror stories you may have heard; specialized programs don’t mean longer timelines when the lender does them every week.
If you’re refinancing, the cycle shrinks to 14-18 days because there’s no realtor negotiation window. Either way, you’ll have a dedicated loan officer’s cell number and a progress app that pings you at each milestone—no black-box silence.
Shopping for new construction? Ask the builder for a 30-day close credit—many will throw in $3-5k of upgrades because our track record lets them count on the timeline.
Next Step: Turn Your Search Into a Specific Plan
You already did the brave part—typing the painful truth into Google at midnight. Now turn that search into a concrete roadmap. Click the “Check My Eligibility” button, upload whatever documents you have on your phone, and within two business hours an NMHL Self-Employment Specialist will email you a side-by-side comparison of every program you qualify for, the income we can use, and the monthly payment at today’s live rates.
Prefer to talk it out? Call the number at the top of the screen and ask for the no-W2 team. We’ll walk you through the same process we used for the Uber driver who closed on a $385k townhouse in Orlando with 5% down, the Etsy shop owner in Denver who used 24 months of business deposits to buy her first house at 21, and the consultant in Philadelphia who refinanced into a 4.75% rate without ever sending in a tax return.
Your income is real, your business is real, and your dream of owning a home is absolutely within reach. Let’s prove it—starting today.
No social security number yet? Ask about our ITIN programs for entrepreneurs who file taxes with an Individual Taxpayer Identification Number.
Your Options Right Now
NMHL 12-Month Bank-Statement Pre-Approval
Deposit history replaces tax returns. We use 12 or 24 months of personal or business statements, average the deposits, and that number becomes your qualifying income. Most borrowers pre-qualify in 24 hours with only three docs: license, bank statements, and a letter from your CPA or QuickBooks P&L. No W2, no problem.
Act quickly1099-Only Loan with 10% Down
If you’re an independent contractor paid via 1099, we can treat that as salaried income without seeing a tax return. One year of 1099s plus a current client letter is enough for up to 90% financing on a primary home. Credit scores as low as 620 accepted.
Act quicklyProfit & Loss (P&L) Qualifier
Self-employed for at least five years? A CPA-prepared year-to-date P&L plus three months of business statements can stand in for two years of tax returns. Loan amounts go to $3 million, so you’re not boxed into a starter-home price cap.
Act quicklyAsset-Depletion Path
If your bank balances or retirement funds are healthy, we can divide those assets by 60 months and call that monthly income—no employment docs needed at all. Ideal for entrepreneurs who pay themselves sporadically but save aggressively.
Act quicklyTalk to someone right now
No automated menus. A real licensed mortgage professional who understands your situation.
(248) 864-2200Ready to see which of these programs fits your real life? A quick 15-minute call with an NMHL Self-Employment Specialist costs nothing, shows on no credit report, and could save you months of guessing. Bring whatever paperwork you have—no judgment, just answers.
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Takes about 5 minutes. No obligation. No credit check until you are ready.
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Frequently Asked Questions
Absolutely. Many of our bank-statement and 1099-only programs don’t require the latest return at all. If you do need tax docs, we can move forward with an extension plus a CPA-prepared P&L until your filing is complete.
Traditional lenders count the low net income after write-offs, but our alternative programs look at gross deposits or gross 1099s. You keep every legal deduction; we still qualify you on the bigger cash-flow number.
Down-payment requirements range from 3.5% (FHA with bank statements) to 10% (1099-only conventional) and 15% (profit-and-loss jumbo). Gift funds are allowed on most programs, and down-payment assistance may cover part of the 3.5%.
No. Our bank-statement FHA loans go down to 580, and our Non-QM 1099-only loans start at 620. If your score is lower, we’ll map out a 30-day rapid-rescore plan using tools like secured cards or paying down a single high-balance card.
NMHL’s initial review uses a soft-pull simulation; your scores stay untouched. An official pre-approval eventually needs a hard inquiry, but that single mortgage pull only dings most borrowers about 3-5 points and disappears within 12 months.
Yes. Once your statements or 1099s are uploaded, our underwriters aim for 21-day closings on purchases—same timeline as conventional loans. The key difference is we collect different paperwork, not extra weeks of waiting.
Ready to see which of these programs fits your real life? A quick 15-minute call with an NMHL Self-Employment Specialist costs nothing, shows on no credit report, and could save you months of guessing. Bring whatever paperwork you have—no judgment, just answers.
We will reach out at a time that works for you. No pressure, no obligation.