Educational guide · Reduced documentation
What is a 1-Year Full Doc loan?
The 1-Year Full Doc program allows qualification using a single tax return (the most recent year) instead of the 2 years typically required by conventional programs.
Educational information only. Icon Mortgage is not yet licensed in California. No loan products are being offered.
Why this program exists
Many business owners and self-employed professionals have a recent year that reflects their current situation well, while the prior year may have been down due to pandemic effects, an industry shift, or a one-time investment. This program treats the most recent year as representative.
Who it fits
- Self-employed with a strong recent year
- Professionals who transitioned from W-2 to self-employed
- Businesses recovering post-pandemic
- Borrowers with one-time expenses in a prior year that skew averages
Typical documentation
- Most recent year's tax return (personal and business if applicable)
- Business license, 2+ years old
- CPA letter
- Recent bank statements
Specific characteristics vary by lender. Informational only.