Guides for borrowers whose tax returns do not tell the whole story

If you are self-employed, paid on 1099s, buying rentals, or living on assets rather than a paycheck, the standard mortgage formula was not built for you. These are the programs that were, explained plainly, including the parts that are not flattering.

Written by Nick Saeva, mortgage loan originator, NMLS #2645213 · Direct Rate Home Loans · Utah

Business owners

Can a 1099 contractor get a mortgage without W-2s?

The 1099 loan, explained for independent contractors whose Schedule C write-offs make a healthy year look thin.

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Can you get a mortgage with a CPA-prepared P&L instead of tax returns?

The P&L loan, explained for business owners whose 1040 is engineered to show as little as legally possible.

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Can I get a mortgage in Utah without tax returns?

Yes. Here's why your returns are the problem, and the four ways a self-employed buyer qualifies without them.

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How does a bank statement loan work in Utah?

The actual math a lender runs on your deposits, what you will need to hand over, and the part that surprises people.

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Why do self-employed buyers get denied for mortgages?

The write-off paradox, why your CPA and your lender want opposite things, and when to wait versus when to switch products.

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Investors

What is a DSCR loan, and how do investors qualify?

The loan that underwrites the property instead of you. How the ratio works, why leverage is the engine, and the honest trade-offs.

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Should I use a DSCR loan or hard money for a rental property?

The real cost of each over an 18-month hold, worked on a $400,000 purchase, and the one question that decides it.

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How many investment properties can I finance in Utah?

Conventional stops at ten and gets hard well before that. DSCR has no cap. Here is how investors scale past the wall.

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Buying and refinancing

How do you qualify for a mortgage using assets instead of income?

Asset depletion, also called asset utilization. Converting what you own into a qualifying income an underwriter can actually use.

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Is now a good time to buy a home in Salt Lake City?

Homes are sitting longer, and that is leverage. What the Salt Lake market looks like right now and how buyers are using it.

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Nick Saeva, NMLS #2645213. Direct Rate Home Loans, Inc., Company NMLS #2419164. Equal Housing Opportunity. These guides are educational and are not financial, tax, legal, or accounting advice, nor a commitment to lend. All loans are subject to borrower qualification, credit approval, property approval, underwriting guidelines, and program availability.