1099 Loan Program
A 1099 Loan Program is designed specifically for self-employed individuals, independent contractors, freelancers, and gig workers whose income is reported on IRS Form 1099 rather than a traditional W-2. This program offers a flexible path to homeownership for borrowers who may not qualify for conventional mortgages due to non-traditional income documentation.
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Key Features
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Qualify using your 1099 earning statements instead of full tax returns
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Loans available for primary residences, second homes, and investment properties
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Loan amounts typically range from $150,000 up to $3 million, depending on the lender
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Both purchase and refinance options available
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No tax returns required; most lenders accept 1 to 2 years of 1099s plus year-to-date earnings documentation
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Fast, streamlined approval process tailored for self-employed borrowers
Eligibility:
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Must be self-employed or a contract worker with income reported on 1099 forms
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Typically, at least 1–2 years of consistent 1099 income in the same line of work is required
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Minimum credit score requirements usually start at 620–700, with better terms for higher scores
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Down payment requirements generally range from 10% to 25%, depending on credit and loan amount
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Debt-to-income ratio should generally be 50% or less
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Documentation needed may include recent 1099 forms, year-to-date earning statements, bank statements, and proof of ongoing self-employment (such as a CPA letter or business license)
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Some lenders require that at least 50% of your income comes from 1099 sources