Common challenges
Non-taxable per-diem pay cannot be used as qualifying income by agency lenders, and owner-operators who write off fuel, maintenance and depreciation often show too little taxable income to qualify conventionally.
Programs that fit
Bank Statement Loans
A bank statement loan is a non-QM mortgage that calculates self-employed income from 12 or 24 months of personal or business bank deposits instead of tax returns.
1099 Loans
A 1099 loan qualifies independent contractors using their 1099 forms (and sometimes a small expense factor) instead of full tax returns, so write-offs on Schedule C do not shrink your qualifying income..
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
FHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
Tips before you apply
- Company drivers: per-diem portions of your pay are excluded from qualifying income, so get pre-approved on base + documented mileage pay.
- Owner-operators: 12–24 months of business bank statements can replace tax returns entirely.
- Keep logbook summaries or settlement statements; lenders use them to verify employment continuity when pay stubs are irregular.
FAQ
What is the best mortgage for truck drivers & owner-operators?
It depends on your documentation and goal. The programs that most often fit are Bank Statement Loans, 1099 Loans, Conventional Loans, FHA Loans.