1099 Only Mortgage

1099 Mortgage Loan

1099 Only Mortgage Loans

 

1099 mortgage only loan is a specialized mortgage product designed for self-employed individuals and independent contractors who receive income reported on IRS Form 1099 instead of the traditional W-2 forms. A 1099 only mortgage loan is designed for self-employed or independent contractors who have difficulty qualifying for conventional loans.  These individuals generally have lots of tax write-offs, and these deductions reduce taxable income but may not accurately reflect their actual earnings.

We explore the requirements and benefits for 1099 mortgage loans.

📄 What is a 1099 Mortgage?

A 1099 loan is tailored for self-employed individuals or independent contractors who receive income through 1099 forms rather than W-2s. These loans consider 1099 income instead of traditional tax returns. No tax returns are required.

📋 Requirements

Instead of using tax returns, lenders determine eligibility based on the borrower's most recent one or two years of 1099 forms. This simplifies the process for those whose tax returns may not fully reflect their income due to business deductions. Borrowers can use various types of financial accounts (checking, savings, money market, securities, retirement accounts) to show proof of funds.

🏦 Occupancy Types

These loans can be used for various types of properties, including primary residences, second homes, and investment properties

💡 Benefits

1099 mortgage loans provide flexibility for self-employed individuals who may not have traditional income documentation. They allow borrowers to use their 1099 forms to prove income, making homeownership more accessible.

🔍 How to Apply

To apply for a 1099 mortgage loan, gather your 1099 forms, bank statements, and any other required documentation. Contact StatedIncome.com, a lender that specializes in 1099 loans to discuss your options and start the application process.

📈 Interest Rates

Interest rates for 1099 mortgage loans can vary based on the property type and the borrower's credit profile. 

🛠️ Tips for Approval

Maintain a strong credit score, keep detailed financial records, and be prepared to provide additional documentation if needed. Working with a lender experienced in 1099 loans can also improve your chances of approval.

📞 Contact Information

For more information about 1099 mortgage loans or to start your application, contact us directly and we would like to help.  We can provide personalized advice and assistance.

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