Looking for a flexible, budget-friendly mortgage? A conventional loan offers low down payments, no mortgage insurance with 20% down, and term options that fit your life.
Is this loan right for you?
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.
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
Get started by using one of our Free tools!
Our Loan Programs
No matter what your situation is, there is a home financing solution for you. We are ready to guide you through your options and get you the best deal possible!
Check out our other mortgage calculators
Access our top-rated mortgage calculators to expertly assess your financing options, compare various loan types, and make informed decisions for your home buying journey.
