Mortgage Rates are Down!
1099 Loan
A 1099 Loan is a mortgage option tailored for self-employed individuals, including freelancers, independent contractors, and gig workers, who receive income through 1099 forms instead of W-2s. Instead of traditional income verification, lenders assess earnings based on bank statements, profit and loss statements, or 1099 forms, making it easier for non-traditional earners to qualify. This loan is ideal for those with variable income who need a flexible mortgage solution without the strict requirements of conventional loans. If you’re a self-employed professional looking for home financing without tax return requirements, a 1099 Loan could be the right fit.
A Reliable Home Loan You Can Trust.
Flexible Income Verification
Qualify using 1099 forms, bank statements, or proof of consistent earnings.
Ideal for Self-Employed Borrowers
Designed specifically for freelancers, contractors, and gig workers.
Customizable Loan Options
Choose terms and rates suited to your unique income situation.
Accessible for Fluctuating Income
Accommodates borrowers with seasonal or variable income streams.
Loan Guidelines
If your details are near these guidelines, we encourage you to apply or reach out. Even if you don’t qualify for a 30-year fixed-rate mortgage, we may have other options available.
The Home
Purchase a new home or refinance your current mortgage.
Credit Profile
A credit score above 620 is typically required.
Debt-to-Income
Your debt-to-income ratio (DTI) should be under 50%.
Closing Costs
Along with your down payment, you’ll need sufficient funds to cover closing costs.
Explore Your Potential
Our calculators help you understand and visualize your options
Mortgage Calculator
Planning to buy a home? Calculate your estimated monthly payments, including taxes and insurance.
Refinance Calculator
Considering refinancing your mortgage? Find out how much you could save.
Frequently Asked Questions
Have questions? We’ve got answers! Explore our FAQ section to find helpful information about loans, refinancing, and more. If you don’t see what you’re looking for, feel free to contact us—we’re here to help!
Who are 1099 Loans best for?
1099 Loans are best for self-employed individuals, independent contractors, freelancers, and gig workers who receive 1099 forms instead of W-2s. These loans accommodate borrowers with non-traditional income streams.
How do 1099 Loans work?
1099 Loans rely on income verification through 1099 forms, bank statements, or other documentation of earnings, rather than traditional W-2s or tax returns. Lenders assess your ability to repay based on cash flow, employment history, and financial stability.
What are the pros and cons of a 1099 Loan?
Pros:
- Tailored for self-employed or non-traditional earners.
- Flexible income verification methods.
- Opportunity for homeownership despite fluctuating income.
Cons:
- Higher interest rates compared to conventional loans.
- May require a larger down payment.
- Stricter documentation requirements to verify income stability.
Do I need perfect credit to qualify for a 1099 Loan?
No, while good credit helps, many lenders offering 1099 Loans consider a holistic view of your financial profile, including income, assets, and employment history.