Bank Statement · 1099 · Profit & Loss Loans · Maryland & Virginia

Your Tax Returns Say One Thing. Your Bank Account Tells the Real Story.

Self-employed borrowers, 1099 contractors, DoD contractors near NAS Patuxent River, and business owners are denied every day because lenders only read tax returns. Bank statement, 1099, and P&L loans qualify you on actual income, not adjusted gross income after write-offs.

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No tax returnsBank statement option: 12 to 24 months of deposits1099 option: 1099 forms only, no bank statementsBusiness or personal accountsLLC owners accepted

Ken Powell

Mortgage Loan Officer · Fairway Home Mortgage

NMLS #2656628 · Equal Housing Lender

Three Programs for Self-Employed Borrowers

Not One Size Fits All.

Ken Powell will match you to the right program based on your specific financial profile.

Personal Bank Statement Loan

12 to 24 months of personal deposits used to calculate qualifying income. Best for sole proprietors and single-member LLCs.

✓12 or 24 months personal bank statements
✓All deposits analyzed, non-recurring removed
✓Best for consistent deposit history
✓No co-mingling issues with business

Business Bank Statement Loan

12 to 24 months of business deposits with an expense ratio applied. Best for LLCs, S-Corps, and partnerships.

✓Business bank statements only
✓Expense factor applied (typically 50% for services, higher for retail)
✓Good for businesses with high-volume revenue
✓LLC and entity borrowers

1099 Income Loan

12 to 24 months of 1099 income forms used to document and qualify income directly. Best for contractors and gig workers.

✓1099 forms in lieu of tax returns
✓No tax returns required
✓Loan amounts up to $4 million
✓FICO as low as 620 on some programs

DoD Contractors Near NAS Patuxent River, This Is Made for You.

St. Mary's County is home to thousands of defense contractors supporting the Naval Air Warfare Center. Many are 1099 or W-2 contractors on fixed-term agreements. If your income doesn't fit a traditional W-2 box, bank statement and 1099 programs exist precisely for your situation.

Who These Programs Serve in Southern Maryland

Southern Maryland Has One of the Largest Self-Employed Communities in the Mid-Atlantic.

Attorneys & Legal Professionals

Solo practitioners and small firm partners with irregular monthly income qualify on 12 to 24 months of actual deposits.

Independent Medical & Dental

Physicians, dentists, and therapists billing through their own practice, strong revenue, heavy write-offs.

Skilled Trades Contractors

Electricians, plumbers, HVAC, and general contractors serving Southern Maryland and the DC corridor. 1099 income accepted.

DoD & Defense Contractors

IT, cybersecurity, engineering, and weapons systems contractors near NAS Pax River. 1099 and bank statement programs fit.

Real Estate Agents

Commission-based income that doesn't fit a W-2. Most agents can qualify on 12 to 24 months of bank statements.

Seasonal & Cash-Based Businesses

Marine services, outdoor recreation, tourism businesses along the Chesapeake. Seasonal income patterns accepted.

1099 Loan Highlights

Loan Amounts Up to $4 Million for 1099 Earners.

✓Loan amounts up to $4,000,000
✓Qualify using 12 to 24 months of 1099 statements in lieu of tax returns
✓Up to 90% LTV
✓Up to 50% DTI

✓FICO® Score options as low as 620
✓As low as three months of reserves required
✓Fixed-rate, adjustable-rate and interest-only options
✓Primary residences, second homes and investment properties eligible

Loan-to-Value (LTVs) and Combined Loan-to-Value (CLTVs) may vary by loan amount. Debt-to-income (DTI) ratio is monthly debt/expenses divided by gross monthly income. Fairway Independent Mortgage Corporation NMLS #2289.

FAQ

Self-Employed Mortgage Questions.

How is qualifying income calculated from bank statements?+

We add up all deposits over the statement period, remove one-time or non-recurring items, and divide by months to calculate average monthly income. Business accounts apply an expense ratio (typically 50% for service businesses). The result is used as qualifying income.

How long do I need to be self-employed?+

Most programs require 12 to 24 months of self-employment history, verified by a business license, CPA letter, or other business documentation.

What credit score do I need?+

Both the bank statement and 1099 programs are available down to a 620 credit score, with minimum FICO requirements ranging from 620 to 740 depending on the program, down payment, and loan size. Down payments typically start at 10% for non-QM programs.

Can I use a bank statement loan for an investment property?+

Yes, bank statement loans are available for primary residences, second homes, and investment properties depending on the program.

Is P&L also an option?+

Yes, if your bank statements are inconsistent, co-mingled, or show high expenses, a CPA-prepared Profit & Loss statement may be a better income calculation method. Ken will compare both and recommend the one that yields the highest qualifying income for your situation.