Usable income is a calculation
What shows on a return and what can be used to qualify are not the same figure. That calculation is where experience matters.
loan programs
Alternative Income & Self-Employment Income
If your income does not arrive as a simple paycheck, qualifying is about documentation strategy — which is exactly the part an experienced team handles.
One of the toughest things about being self-employed is obtaining a mortgage. Your tax returns can be complex, and you need a team well versed in calculating usable income for qualifying. We have options for those of you newly self-employed too! You don’t have to be in business for 2 years anymore, believe it or not!
Program description as published on bossmortgage.com/products (preserved verbatim).What this financing is
Self-employed and alternative income files can be documented several ways: tax returns with a careful income calculation, bank statement programs, or asset-based approaches, depending on the program and the borrower.
The existing Boss Mortgage site presents “Self-Employment Income” as a program and also lists “Alternative Income” among its offerings. This page covers both together because they describe the same underwriting challenge.
Who it may be a fit for
Business owners and partners
Independent contractors and freelancers
Borrowers recently self-employed
Borrowers with commission or seasonal income
Borrowers with income from several sources
Not sure if Alternative Income / Self-Employment Income fits your situation?
A licensed Boss Mortgage loan originator can look at the details with you and explain what applies to you.
What to think about
There is often more than one path
Tax returns, bank statements and asset-based approaches can each be priced so you can compare.
Bring the full picture
Business structure, partnership percentages and how you pay yourself all affect the review.
Guidelines change
Underwriting guidelines can change without notice. Confirm current options with a licensed loan originator.
How the process works
1. Get approved
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Connect with a BOSS Mortgage loan originator, review your financing options, and provide the information needed to understand your buying power before you start shopping.
Shop with a clear budget in mind. When you find the right property, your loan originator can help you understand the financing details that apply to that home and your offer.
Once you are under contract, the BOSS Mortgage team helps keep the loan moving through documentation, underwriting, and closing so you can get the keys and move forward.
Frequently asked questions
How is self-employed income documented?
Self-employed files often involve tax returns and business documentation, and calculating usable qualifying income takes experience. Boss Mortgage also offers bank statement options for borrowers whose returns do not reflect the full picture.
Bring your documents to a loan originator rather than guessing at the numbers yourself.
What if I recently became self-employed?
The existing Boss Mortgage Self-Employment Income program description states: “We have options for those of you newly self-employed too! You don’t have to be in business for 2 years anymore, believe it or not!”
Talk with a licensed loan originator about which options currently apply to your situation.
Can assets be used instead of income?
Some programs consider a borrower's assets as part of qualifying rather than relying only on monthly income documentation. Availability and structure vary by investor.
Ask a loan originator whether an asset-based approach fits your file.
Can I buy a home with less-than-perfect credit?
Yes. We offer loan programs that are designed to help buyers with lower credit scores. Our experts will review your situation and find the best path forward.
Can I get a mortgage after a bankruptcy?
Boss Mortgage offers specialized lending programs for individuals who have gone through bankruptcy. Waiting periods and documentation depend on the type of filing and the program.
A loan originator can review where you are today and outline realistic next steps.
What should I avoid while my loan is in process?
Large new debts, changing jobs without telling your loan originator, moving money between accounts without documentation and closing accounts can all complicate underwriting.
When in doubt, ask before you act — it is much easier than fixing it later.
Other programs
Bank Statement Loans
Bank statement mortgage options for self-employed borrowers and others whose tax returns do not show the full financial picture.
Learn more →
Asset Utilization
Asset utilization mortgage options, where qualifying considers a borrower's assets, explained by Boss Mortgage.
Learn more →
Jumbo Loans
Jumbo mortgage financing for higher-value purchases and refinances, explained by the team at Boss Mortgage.
Learn more →
Investor Loans
Financing for rental and investment property, from a first rental to a growing portfolio, with Boss Mortgage.
Learn more →Ready to get started?
Every situation is different. We’ll help you understand your options and what may fit your goals.
This page is general information about mortgage financing and is not a commitment to lend, an offer of credit, or financial or legal advice. Program availability, guidelines and requirements are set by lenders and investors, can change, and depend on your individual circumstances and the property. Talk with a licensed Boss Mortgage loan originator about what applies to you.
Boss Mortgage LLC NMLS #2547821. See the Licensing page for state licensing information. Additional disclosures appear in the footer of every page.