1099 Mortgage Loan
A 1099 income loan allows self-employed and contract workers with non-traditional income to get a mortgage loan who can't qualify for a conventional mortgage.
A home loan solution for self-employed borrowers.
A 1099 income loan is a mortgage solution for self-employed and contract workers who have trouble qualifying for a conventional loan. Borrowers can use their 1099 earning statements to show work income instead of tax documents.
Our 1099 mortgage loan can be an excellent option for:
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What type of mortgage loan are you looking for?
1099 Mortgage Loan Requirements Include:
- The last six months of 1099 income, less if 1099 income is from most recent employer.
- Documentation of year-to-date income
- 680 minimum credit score
- Minimum 15% down with mortgage insurance approval
A minimum loan amount of $175,000 is required to apply*
1009 Mortgage Loan FAQs
What is a 1099 loan?
A 1099 income loan is for self-employed or independent contract workers who have difficulty qualifying for a conventional mortgage loan. Lenders look at income from a 1099 instead of tax returns.
What are the requirements of a 1099 loan?
- The last six months of 1099 income, less if 1099 income is from most recent employer
- Documentation of year-to-date income
- 680 minimum credit score
Who should consider getting a 1099 loan?
A 1099 loan is a good mortgage loan option for those that are self-employed, freelancers, contractors, recently switched from W2 to 1099; anyone who files taxes using a W-9 and cannot qualify under Agency guidelines.
Do I need a down payment with a 1009 loan?
Minimum 15% down with mortgage insurance approval.
What is the minimum required loan amount?
A minimum loan amount of $175,000 is required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes.
Video - How to Get a Home Loan if You're Self-Employed
Watch this video to find out the two ways you can get a mortgage loan if you're self-employed without W2s or pay stubs.
What Our Customers Say
Alexander S., April 5, 2024
★★★★★ (5)
"I was pretty much locked in with another lender but wasn't 100% convinced. I did a Google search looking for the best mortgage options for business owners/self-employed, and NASB popped up in several places with solid recommendations. For us, it was like a final Hail Mary to ensure we looked at all possible options. We couldn't be more glad we took that last step and found you. Your speed is second to none, and the service was amazing from start to finish. Needless to say, we are also very happy with the rate that we got."
"I was pretty much locked in with another lender but wasn't 100% convinced. I did a Google search looking for the best mortgage options for business owners/self-employed, and NASB popped up in several places with solid recommendations. For us, it was like a final Hail Mary to ensure we looked at all possible options. We couldn't be more glad we took that last step and found you. Your speed is second to none, and the service was amazing from start to finish. Needless to say, we are also very happy with the rate that we got."
