Indeed No problem. A 1099 mortgage is a type of non-QM loan. A 1099 Income Loan is a flexible mortgage product we offer. It caters to self-employed borrowers who are 1099 workers, including contractors, gig economy workers and freelancers who aren’t eligible for traditional mortgage products. 1099 earners can use their income to qualify for a conforming mortgage, but the process is often more challenging. To qualify for a 1099 mortgage, you'll likely need a good credit score and a sizable down payment.
We will use the income from 1099 earning statements to determine how much house you can afford. This means you won’t have to provide your tax returns to us when applying for a home loan.
Loan amounts between $150,000 and $3 million are available and can be used to purchase owner-occupied, non-owner occupied and second homes or refinance your existing loan. Furthermore, mortgage insurance isn’t required, which means you’ll save several thousand over the life of the loan.
A 1099 loan is a good mortgage loan option for those that are self-employed, freelancers, contractors, recently switched from W2 to 1099; anyone who files taxes using a W-9 and cannot qualify under Agency guidelines.
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Don't miss out on the opportunity to secure a 1099 loan for your dream home as a self employed. Contact us today and let us help you make your homeownership dreams a reality.