Self-Employed Mortgage Guide Myrtle Beach: No Tax Return Loans

Self-Employed Buyers Can Qualify for a Myrtle Beach Mortgage Without Tax Returns

In 2026, self-employed business owners and 1099 contractors in Myrtle Beach no longer need to rely on traditional tax returns to prove their income. By utilizing specialized Bank Statement and 1099-Only loan programs, you can qualify based on your actual cash flow rather than your "net income" after business write-offs. Whether you are buying a primary residence in Market Common or an investment condo in North Myrtle Beach, these flexible programs allow for up to 90% LTV financing and loan amounts as high as $4 million.

Why Traditional Loans Fail Self-Employed Myrtle Beach Buyers

If you own a business along the Grand Strand—whether it’s a hospitality group, a landscaping company, or a real estate practice—you likely take advantage of legal tax deductions. While this is smart for your bottom line, it often makes your "taxable income" look too low for traditional Fannie Mae or Freddie Mac guidelines.

According to Fannie Mae's latest research, self-employed borrowers are one of the fastest-growing segments of the market, yet they face the highest rates of denial due to documentation hurdles. At Beaufort Lending, we bypass these hurdles using the specific programs detailed below.

1. The 12-Month Bank Statement Program

This is the "Gold Standard" for self-employed homeowners. Instead of looking at your tax returns, we analyze 12 consecutive months of your bank statements to determine your true qualifying income.

• Qualifying Income: Use 100% of personal account deposits or up to 90% of business account deposits.
• Loan Amounts: Up to $4M (with cases up to $10M available).
• Down Payment: As low as 10% (90% LTV Purchase).
• Credit Score: Minimum 600 FICO.
• The Perk: No MI (Mortgage Insurance) required, and no P&L's or tax transcripts (4506-T) needed.

2. The 1099-Only Program

Ideal for freelancers, independent contractors, and consultants in the Myrtle Beach area who receive 1099 forms annually. This is a streamlined version of a full-doc loan that respects your status as an independent professional.

• Qualifications: One year of 1099 history and two months of bank statements.
• Property Types: SFR, Condos, and Townhomes.
• Max LTV: 80% for purchases or cash-out refinances.
• Flexibility: Available for owner-occupied homes, second homes, and non-owner occupied investments.

3. Profit & Loss (P&L) Loans

If your bank statements are inconsistent but your business is profitable on paper, a P&L loan might be your best fit. This allows us to qualify you based on a financial report signed by a CPA or registered tax preparer.

• Max Loan Amount: $4 Million.
• Credit Requirement: Minimum 660 FICO.
• Documentation: A most recent 12-month P&L on CPA letterhead.
• Benefit: 80% Purchase LTV with no reserves required if you are below 75% LTV.

4. Investor Cash Flow (DSCR) for Myrtle Beach Real Estate

If you are a real estate investor looking to build a portfolio of vacation rentals in Myrtle Beach, the Debt Service Coverage Ratio (DSCR) program is a game changer. We don't even ask for your job or income info.

• Qualify based on Property Cash Flow: If the rent covers the mortgage, you qualify.
• Max LTV: 85% for purchases.
• Property Types: Includes SFRs, 2-4 units, townhomes, and the highly-coveted Condotels.
• The Advantage: You can close in the name of an LLC to protect your personal assets.

FAQ Section

Do I need two years of tax returns for a self-employed mortgage in Myrtle Beach?

Not with Beaufort Lending. Our Bank Statement and 1099 programs allow you to bypass tax returns entirely, using your actual deposits or 1099 forms to prove ability to pay.

What if my business has high expenses?

Our Bank Statement program allows for a down to a 10% expense factor, meaning we can use up to 90% of your business deposits as qualifying income. This is significantly more flexible than traditional bank calculations.

Can I use these loans for a vacation home in North Myrtle Beach?

Yes. These programs are available for primary residences, second homes, and investment properties alike.

Is the interest rate higher for these loans?

Non-QM loans (like bank statement loans) typically have slightly higher rates than traditional Fannie Mae loans because they carry more risk for the lender. However, because Beaufort Lending is a broker with access to wholesale channels, we typically beat the national "non-QM" average by 0.5%.

Why Work With Beaufort Lending

As a self-employed individual, you are an entrepreneur—you deserve a mortgage broker who speaks your language. Beaufort Lending is the #1 choice for "outside the box" financing in South Carolina. Here is why:

• Entrepreneurial Spirit: Benji Gecy is a business owner himself; we understand how to read a balance sheet and a bank statement.
• Wholesale Rates: We save our clients thousands by providing rates consistently 0.5% better than the big banks.
• Local Underwriting: We know the Myrtle Beach market, from the HOAs to the flood zones.
• Speed: Our fast-track approval process means you won't miss out on a property while waiting for a traditional bank's red tape.

Ready to Qualify Without Tax Returns?

Other Resources You May Find Helpful

• Understanding SC FHA Loans
• Low Down Payment Options
• Mortgage Payment Calculator