1099 loans for independent contractors.
If you are paid on a 1099, you may be able to qualify using your 1099 forms instead of full tax returns. Some programs allow as little as one year of 1099 income, which helps contractors who recently made the move to working for themselves.
Who it's for
- Independent contractors and freelancers
- Sales professionals, nurses, real estate agents and consultants paid on a 1099
- Gig workers with steady 1099 income
How it works with me
- We review your most recent 1099 forms, and in some cases a year to date income statement.
- An expense factor may be applied to estimate business expenses, so you do not need to show every write off.
- 1099 programs are Non QM loans, so I will compare the pricing and terms with every other option you qualify for.
What you'll need
- Your 1099 forms for the most recent year or two
- A year to date earnings statement or bank statements, if requested
- Asset statements for down payment and reserves
Every situation is different. Send me your scenario and I will tell you honestly which programs fit, and compare them side by side in writing.
Programs, terms and eligibility vary and are subject to credit approval, underwriting guidelines and program availability. Not all applicants will qualify. This is not a commitment to lend. Laila Smith, NMLS #844202, HomeTown Lending, NMLS #2712965. Equal Housing Opportunity.
Questions buyers ask me
Can I qualify with only one year of 1099 income?
Some programs allow one year of 1099 income. Your full profile, including credit and assets, determines which programs fit.
I switched from W2 to 1099 this year. Can I still buy?
Possibly. Working in the same line of work helps. Send me your details and I will tell you what is realistic.
Do I need tax returns?
Many 1099 programs do not require full tax returns, which is the main advantage.