Utah Mortgage Broker for Self-Employed Borrowers
I'm Nick Saeva, a Utah mortgage broker who works with self-employed borrowers: business owners, 1099 contractors, 1099 commission earners, and anyone whose tax returns show less than the business really makes.
Why Do Banks Turn Down Self-Employed Borrowers?
Because the income a conventional lender is allowed to use is the income on your tax return, and a self-employed person's tax return is designed to make that number as small as legally possible. The better your CPA, the smaller it gets.
I call it the write-off paradox. You tracked the mileage, expensed the equipment, took the depreciation, and funded the retirement plan. Every one of those moves saved real money in April, and every one of them lowered the number a retail bank's loan officer types into the system in June. A good CPA and a conventional mortgage approval pull in opposite directions.
That is where a broker comes in. I'm Utah's Non-QM Specialist, and because I'm a broker, I can match your file to a lender whose program reads your income the way it actually shows up.
What I Can Use Instead of Tax Returns:
A lender reads 12 or 24 months of business or personal deposits instead of your tax return. Your deposits, adjusted for business expenses, become the income.
A profit and loss statement prepared by your CPA, enrolled agent, or tax preparer stands in for the returns. Paper losses like depreciation do not count against you.
If you are paid on 1099s, the forms themselves can document the income, without the Schedule C net figure dragging it down.
With enough liquid assets, income documents may not matter at all. The lender looks at what you have instead of what you earn.
New to this? Read how a bank statement loan works in Utah.
Who I Work With
Business Owners With an LLC or S-Corp
Your deposits or a CPA-prepared P&L can show what the business really brings in. See bank statement loans and P&L only loans.
1099 Contractors and Direct-Sales Earners
The 1099s your clients send you can carry the file. Here is how 1099 contractors qualify without W-2s.
Real Estate Agents and Other 1099 Commission Earners
Commission swings month to month and gets written down at tax time. Deposits tell the steadier story.
Medical, Dental, and Other Practice Owners
A CPA's P&L adds paper losses like depreciation back, and a bank statement loan reads the practice's deposits instead of the return.
Contractors and the Trades
Truck and equipment write-offs make a strong business look thin on paper. Deposits or a CPA-prepared P&L show what the return leaves out.
Seasonal and Resort-Area Businesses
Park City and Heber businesses earn in seasons. A 12 or 24 month look at deposits evens that out.
Homeowners Who Want to Tap Their Equity
Use your equity without refinancing the mortgage you have now with a Non-QM HELOC or a closed-end second mortgage.
Buying a rental? The property's income can carry the loan instead of yours. See DSCR loans.
Estimate Your Bank Statement IncomeWhat Can a Mortgage Broker Do That a Bank Can't?
A retail lender sees net income from your Schedule C or K-1, averaged over two years, with a few add-backs like depreciation. That is the whole picture it is permitted to use, because its loans have to fit the rules set by Fannie Mae and Freddie Mac.
A retail lender sells one company's products. A broker can place your file with the lender whose program fits the way your income actually shows up: bank deposits, 1099s, a CPA profit and loss, or your liquid assets.
Questions to Ask Any Broker, Including Me:
Which income documents can you use for me besides tax returns?
Do you offer bank statement, P&L, 1099, and asset programs, or only one of them?
Who calculates my income from my deposits, and will you show me the math before I apply?
How many lenders can you send my file to?
What down payment and reserves should I plan for, and when will I know?
Will I work with you directly the whole way, or get handed off?
How I Work With You
A Short First Call
Bring last year's return and three months of statements. Thirty minutes is usually enough.
I Read Your Income
I go through your deposits or your P&L and tell you which program fits and what it will take.
I Work With Your CPA
I talk to your CPA or bookkeeper directly, so you are not the go-between. You have a business to run.
You Compare Before You Commit
I compare lenders and walk you through the options before you commit to anything.
When you call me, you get me.
Schedule a Call with NickWhere Self-Employed Borrowers Can Get a Mortgage
Swipe the table to see every column.
| Type of lender | Income documents it usually reads | Lenders it can shop | When it fits |
|---|---|---|---|
| Retail bank or credit union | Tax returns and W-2s for its own conventional loans | One, its own | Your returns already show the income you need. |
| Online lender | Mostly tax returns, sometimes a short list of alternative programs | One, its own | Your returns qualify and you want an app-driven process. |
| Mortgage broker | Tax returns, bank statements, a CPA-prepared P&L, 1099s, or assets, depending on the program | Several wholesale lenders | Your returns undersell the business, or you want programs compared side by side. |
Frequently Asked Questions
What should I look for in a mortgage broker if I'm self-employed in Utah?
Look for a licensed broker who works with bank statement, P&L, 1099, and asset programs every week, can place your file with more than one lender, and will show you how your income was calculated before you apply. Check the broker's NMLS record and read reviews from other self-employed clients.
Can I get a mortgage in Utah if I'm self-employed?
Many self-employed Utahns buy homes with programs that read bank deposits, a CPA-prepared profit and loss statement, 1099s, or assets instead of tax returns. Whether one fits you depends on your credit, down payment, reserves, and the property, and one conversation is usually enough for me to tell you which program to look at.
How long do I need to be self-employed to get a mortgage?
Most programs look for two years of self-employment. Some accept one year if you worked in the same field as an employee before that. A brand-new business in a new field usually needs more time.
Do I need tax returns to get a mortgage if I'm self-employed?
Not always. Bank statement, P&L only, 1099, and asset utilization programs measure your income from other documents, so your write-offs do not have to shrink the income a lender can use.
Is a mortgage broker or a bank better for a self-employed borrower?
If your tax returns already show the income you need, a bank can be a fine choice. If your returns undersell the business, a broker can compare programs from several lenders that read bank statements, a P&L, 1099s, or assets, which a single bank usually cannot do.
Should I wait for better tax returns or use a different loan?
Wait if you are a year or less from a return that would qualify you conventionally and the house can wait too. Switch programs if your business will always look thin on paper by design, or if the house will not wait. One trap: filing a return that shows more income just to qualify means paying more tax to get a loan, so run both numbers before you pick.
Where in Utah do you work?
Anywhere in Utah. Most of my clients are in Salt Lake, Utah, Davis, Summit, and Wasatch counties, from Lehi and Draper to Park City and Heber. My office is at 6985 S. Union Park Center, Suite 150, in Cottonwood Heights, and you can reach me at (385) 226-9668.
What should I bring to my first call with you?
Last year's tax return if you have it, three months of business and personal bank statements, and a rough idea of the home and down payment you have in mind. That is enough for me to tell you which program fits and what it will take.
Ready to Talk Through Your File?
Bring last year's return and three months of statements, and I'll tell you which program fits and what it will take.
This is not a commitment to lend. Programs, terms, and availability are subject to change and to underwriting approval.