1099 Mortgage Loan Program
Simple, Flexible Home Loans for Independent Contractors & Gig Workers
Are you a self-employed professional or independent contractor who gets paid on a 1099? If traditional lenders are turning you away due to tax write-offs or inconsistent income, our 1099 mortgage loan program may be your solution. No W-2s. No problem.
Understanding the 1099 Loan and Who It’s For
How Income Is Calculated
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Lenders average your 1099 income over the past 12–24 months
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If using business accounts, an expense factor may be applied
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Some programs allow bank statements to supplement 1099 income
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No need for a full tax return review
Who Is This Loan For
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Real estate agents, consultants, contractors, and freelancers
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Rideshare or delivery drivers (Uber, Lyft, DoorDash, etc.)
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Creatives such as designers, photographers, artists, and writers
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Commission-based earners without W-2s
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Anyone with steady 1099 income who struggles to qualify traditionally
Benefits of a 1099 Mortgage Loan
- No Tax Returns or W-2s Required: Qualify using your 1099 forms alone—no need for extensive tax documentation.
- Ideal for Independent Earners: Designed for freelancers, consultants, rideshare drivers, creatives, and other self-employed 1099 earners.
- Higher Qualifying Income: Unlike traditional loans, this program uses your gross 1099 income—ignoring tax deductions that can lower qualifying income.
- Purchase, Refinance, or Cash Out: Use this loan to buy a home, refinance for better terms, or access your equity—available for primary, second homes, or investment properties.
- Fast, Hassle-Free Approval: Minimal paperwork and fast turn times allow closings in as little as 2–3 weeks.
1099 Loan Parameters
- Income Documentation: 12–24 months of 1099 forms (personal or business), possibly supported by bank statements
- Tax Returns: Not required
- Credit Score: Minimum 620–660 (better pricing at 700+)
- Loan Amount: $100,000 – $3,000,000+
- Loan-to-Value (LTV): Up to 90% for purchases; up to 80% for refinance or cash-out
- DTI (Debt-to-Income): Up to 50% (evaluated case-by-case)
- Occupancy Types: Primary residence, second home, or investment property
- Property Types: Single-family residences (SFR), condos, townhomes, and 2–4 unit properties
- Loan Terms: 30-year fixed, interest-only, or adjustable-rate mortgage (ARM) options
- Prepayment Penalty: None for primary or second homes; may apply to investment properties
- Reserves: Typically 3–6 months of PITIA, based on credit profile and loan amount
- Self-Employment Length: Minimum 1 year receiving 1099 income; must be in same line of work for at least 2 years
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