Mortgage Loans With 1099 Only

A 1099-only mortgage loan is a home loan designed for self-employed individuals and independent contractors who receive income through 1099 forms. It allows borrowers to qualify using their 1099 income statements instead of traditional tax returns.

Self-employed individuals, freelancers, independent contractors, and small business owners who receive 1099 income and can provide 12-24 months of 1099 statements may qualify for this type of loan.

Interest rates for 1099-only mortgage loans can be competitive and are often tailored to the unique financial profiles of self-employed borrowers.

Typically, you will need to provide 12-24 months of 1099 income statements, bank statements, and other documentation to verify your income and financial stability.

Yes, 1099-only mortgage loans can be used to refinance an existing mortgage, especially if your income situation has changed or if you want to take advantage of better terms.

Down payment requirements can vary, but many 1099-only mortgage loans require a minimum down payment of 10-20% of the property’s value.

The application process involves providing your 1099 income statements, bank statements, and other relevant documentation to verify your income and financial status. Our mortgage specialists will guide you through each step.

There are generally no specific restrictions on the type of home you can purchase with a 1099-only mortgage loan, but the property must meet standard lending guidelines.