Question 1

Can I get a mortgage if I’m self-employed?

Accepted Answer

Yes. Self-employed borrowers can qualify for mortgages. Conventional programs may work if your tax returns show sufficient qualifying income. There are also alternative documentation programs — such as bank statement, P&L, and 1099 programs — that may evaluate income differently. The right path depends on your financial situation and the lender’s guidelines.

Question 2

What is a bank statement mortgage?

Accepted Answer

A bank statement mortgage is a type of alternative income documentation program that may use eligible personal or business bank deposits over a defined period to help determine qualifying income, rather than relying primarily on tax return net income.

Question 3

What is a P&L mortgage?

Accepted Answer

A P&L mortgage is a program where certain lenders may use a qualifying profit-and-loss statement to help evaluate self-employed income. Program requirements differ by lender.

Question 4

Can I qualify for a mortgage using 1099 income?

Accepted Answer

Certain programs may allow eligible independent contractors and 1099 earners to qualify using 1099 income documentation rather than traditional W-2 income. Eligibility depends on lender guidelines and the consistency of your 1099 income.

Question 5

What is a DSCR loan?

Accepted Answer

A DSCR (Debt Service Coverage Ratio) loan is investment-property financing where qualification may focus primarily on the property’s rental income relative to its debt obligations, rather than the borrower’s personal income.

Question 6

Do DSCR loans require employment income?

Accepted Answer

DSCR programs may focus on the property’s cash flow rather than the borrower’s personal employment income. However, lender requirements vary, and some may still review credit and other financial information. Not every DSCR program eliminates personal income review entirely.

Question 7

Are Non-QM loans the same as subprime loans?

Accepted Answer

No. Non-QM refers to a category of alternative mortgage qualification programs that may allow eligible borrowers to document income or qualify differently than conventional agency mortgage programs. Non-QM loans still require underwriting, income documentation, and demonstration of the ability to repay. They are not the same as subprime loans.

Question 8

Can self-employed borrowers get conventional mortgages?

Accepted Answer

Yes. Many self-employed borrowers qualify for conventional mortgages. Lenders typically review two years of tax returns to calculate qualifying income. If your tax returns show sufficient income, conventional financing may be appropriate. If not, alternative documentation programs may be worth exploring.

Question 9

Do you only work in Nashville?

Accepted Answer

Heartrate Mortgage Studio is based in Nashville and serves borrowers throughout Tennessee. Alex Robertson is licensed in Tennessee.

Question 10

What states are you licensed in?

Accepted Answer

Alex Robertson is licensed in Tennessee. Go Rascal Inc. is NMLS #2072896.

Question 11

Does talking with you require a credit pull?

Accepted Answer

No. An initial conversation doesn’t require us to pull your credit. If you decide to move forward with a mortgage application, Alex will explain what information and authorizations are needed for the applicable pre-approval process.

Your income doesn’t have to look conventional.

Built for income that looks a little different.

Business owner?

Financing an investment property?

1099 income. Bank statements. P&Ls.

Different income. Different tools.

Bank Statement Loans

P&L Loans

1099 Loans

DSCR Loans

FHA Loans

One mortgage broker. Multiple places to look.

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