The process: 1) gather 1099s & YTD P&L → 2) pre-approval → 3) confirm 1099 vs bank statement → 4) find property & apply → 5) appraisal → 6) underwriting → 7) clear conditions → 8) close. See Requirements.
On this page
The 8 steps to your keys
Gather your 1099s & P&L
1–2 yrs of 1099-NEC + a YTD P&L (your preparer can produce it fast).
Get pre-approved
Lender calculates gross qualifying income → loan amount & rate.
Choose 1099 or bank statement
Confirm 1099 produces more income than the deposit method. We compare both.
Find your property & apply
Shop within pre-approval; complete the app with your purchase contract.
Appraisal
Lender confirms the property's value supports the loan.
Underwriting
UW verifies your 1099 income calc, credit, reserves & property → conditions.
Clear conditions
Final items — an updated P&L or statement → clear-to-close.
Close & fund
Sign, fund down + closing, take ownership.
What you provide, by stage
| Stage | What you provide / expect |
|---|---|
| Gather | 1–2 yrs 1099-NEC + YTD P&L |
| Pre-approval | Gross qualifying income, loan amount, rate |
| Path check | 1099 vs bank statement — pick the stronger |
| Application | Purchase contract, ID, credit |
| Appraisal | Property value confirmation |
| Underwriting | Income calc, reserves, conditions |
| Clear-to-close | Updated P&L / final items |
| Closing | Sign & fund |
Reviewed by the licensing team at Save Financial, a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766) founded in 2009 and serving all 58 counties from offices in Newport Beach and Marina del Rey. Nothing here is tax advice.