P&L Only & 1099 Program
Streamlined alt-doc financing for 1099 independent contractors and business owners using CPA-certified Profit & Loss statements or 1-2 years 1099 wage forms.
Underwriting Specifications & Parameters
Program Highlights & Selling Points
- CPA or Enrolled Agent Prepared P&L Statement
- 1 or 2 Years 1099 Wage Forms with 2 Months Bank Statements
- Ideal for Gig Economy, Realtors, & Consultants
- Primary, Second Home, and Investment Properties
Program Overview & Guidelines
Modern Alt-Doc for Independent Professionals
The Corva P&L Only and 1099 Alt-Doc program caters to independent contractors, freelance specialists, consultants, and business owners who seek a streamlined qualification process without submitting dozens of monthly bank statements or multi-year tax returns.
Program Specifications
- Maximum LTV: Up to 80% LTV for purchases; 75% LTV for cash-out refinances.
- Minimum FICO: 660 credit score.
- Maximum Loan Amount: $2,500,000.
- Eligible Property Types: Single Family Residences, 2-4 Unit Multi-Family, Townhomes, Warrantable Condominiums.
Two Streamlined Pathways
1. CPA Profit & Loss (P&L) Only
Borrower provides a 12 or 24-month Profit & Loss statement prepared and signed by an independent licensed CPA, Enrolled Agent (EA), or qualified tax preparer. The statement must be accompanied by 2 months of corresponding business bank statements confirming deposit velocity and operating cash flow.
2. Form 1099 Wage Earner Track
For independent 1099 wage earners, qualification is based on 1 or 2 years of Form 1099-MISC/NEC statements paired with year-to-date documentation (e.g., paystubs or account deposits). A standard 10% expense factor is applied without requiring itemized business deduction audits.
Submit P&L Only & 1099 Program Scenario
Direct credit desk review by dedicated wholesale underwriters. Submit transaction parameters below for immediate pricing, structuring, and written terms.