Start with a clean business overview
Be ready to explain the business type, ownership percentage, how long the business has operated, how you are paid, whether income is seasonal, and whether there have been material recent changes. The goal is not to “dress up” the numbers. It is to match the real income pattern with an eligible program and the right documentation path.
Qualifying income may differ from gross revenue, deposits, or the number shown on one line of a tax return. Underwriters analyze stability, continuity, ownership, expenses, and access to business income under the applicable guidelines.
Documents that may be requested
The exact list varies by program and borrower. A traditional self-employed file may call for some combination of:
- Personal federal income-tax returns and applicable schedules
- Business returns for partnerships, S corporations, or C corporations
- Year-to-date profit-and-loss statement and, when applicable, a balance sheet
- K-1s, 1099s, or other income records
- Evidence of business ownership and that the business is operating
- Business and personal bank statements when needed to document cash flow or assets
- Explanations and documentation for unusual, one-time, or nonrecurring items
Do not assume every item is required. Ask for a tailored checklist after the initial scenario review so you do not send unnecessary sensitive information.
Bank-statement and other non-QM paths are different—not shortcuts
Some eligible programs may evaluate deposits or other alternative documentation instead of relying only on the traditional tax-return calculation. Those programs can have their own expense factors, seasoning, reserve, credit, property, occupancy, and documentation rules. A deposit is not automatically qualifying income, and transfers or non-business deposits may need to be identified.
Review rate, points, payment, prepayment terms if any, reserves, down payment or equity requirements, and long-term cost alongside documentation convenience.
Use the public form for the outline—never the documents
Share only a short, non-sensitive overview through this website. Do not send tax returns, statements, Social Security numbers, account numbers, or identity documents through the public form or ordinary email. Billy can provide a secure application and document path when appropriate.