This non‑QM loan is designed for independent contractors, freelancers, and gig workers with consistent contract income.
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Key Features
Use 1099-NEC statement instead of tax documents
700 minimum credit score
Great option for self-employed borrowers
Is a 1099 Mortgage Loan Right for You?
A 1099 mortgage loan may be a good fit if you:
- Receive consistent income reported on a 1099‑NEC
- Work as an independent contractor, freelancer, or gig worker
- Don’t qualify for a traditional loan using W‑2 income
You may want to explore a bank statement loan instead if:
- Your deposits are stronger than reported 1099 income
- You operate a business with significant write‑offs
Get Your 1099 Mortgage Loan Options
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How NASB Evaluates 1099 Income
NASB reviews your 1099‑NEC earnings, credit profile, down payment, and overall financial picture to determine qualifying income. This approach allows freelancers and contract workers to qualify without relying on traditional tax returns.Video - How to Get a Home Loan if You're Self-Employed
Check out this video to discover two methods for obtaining a mortgage loan if you're self-employed, even without W2s or pay stubs.
1099 Mortgage Loan vs Bank Statement Loan
If you’re self‑employed, it’s common to qualify for a mortgage using either 1099 income or bank statements. The right option depends on how your income is documented and which records best reflect your earning pattern.| Feature | 1099 Mortgage Loan1 | Bank Statement Loan |
|---|---|---|
| Income proof | 1099‑NEC forms | Bank deposits |
| Best for | Contractors & freelancers | Business owners |
| Documentation | Fewer records | 12–24 months |
| Underwriting focus | Reported 1099 income | Cash‑flow deposits |
Advantages of a 1099 Home Loan from NASB:
These advantages matter most when traditional lenders can’t approve 1099 income.
- In‑house underwriting, processing, and closing
- Loans are not brokered to third parties
- Experienced non‑QM specialists
- Flexible documentation options
- Personalized guidance from application to closing
How to Get a 1099 Mortgage Loan:
- Review your 1099 income and credit profile
- Compare documentation options with a loan specialist
- Submit required forms and supporting documents
- Complete underwriting and move forward with closing
Typical 1099 Mortgage Loan Requirements
- Minimum 700 credit score
- 20% or greater down payment3
- Recent 1099‑NEC documentation
- Verified assets and reserves
1099 Mortgage Loan FAQs
North American Savings Bank (NASB) specializes in 1099 mortgage loans for self-employed borrowers and independent contractors nationwide. The FAQs below explain how NASB’s 1099 Mortgage Loan works, including income verification, documentation requirements, and eligibility guidelines. Answers reflect NASB’s current program standards and underwriting approach.
What property types and occupancies are eligible?
Availability of NASB’s 1099 program varies by property type and location; your loan officer will confirm eligibility for a primary, second home, or investment property. Across the market, non-QM programs often allow multiple occupancies with different LTVs and pricing.
How long does it take to close?
NASB’s timeline is comparable to standard mortgages—typically around 30 days, depending on file complexity and document turnaround. Generally, organized documentation helps streamline non-QM underwriting.
Can I use a 1099 loan for purchase and refinance?
NASB offers 1099 loans for both home purchases and refinances, subject to program guidelines. Typically, non-QM programs support purchase, rate-and-term refinances, and (with sufficient equity) cash-out.
Are interest rates higher for 1099 loans?
NASB’s 1099 loan rates are typically higher than those of standard conventional mortgages but remain competitive in the non-QM market. Generally, alternative documentation programs price for risk and complexity, so rates tend to be higher than those of agency loans.
What down payment is required?
NASB typically requires at least 20% down for 1099 loans, with program-matrix flexibility in select scenarios. In the market, non-QM down payments usually range from 10% to 30%, depending on risk layers and property type.
What credit score do I need?
NASB generally requires a minimum credit score of 700 for its 1099 Mortgage Loan. Across non-QM programs, higher scores typically lead to better pricing and terms.
Do I need to provide tax returns?
NASB’s 1099 loan verifies income using 1099-NEC statements rather than full tax returns. Across the market, non-QM programs use alternative documentation to assess the ability to repay.
What documents are required for NASB’s 1099 loan?
NASB typically requires the last 12 months of 1099-NEC and year-to-date income documentation for 1099 qualification. Lenders also review credit history, recent bank statements, and business activity to confirm stability.
How is 1099 income used to qualify?
NASB reviews the last 12 months of 1099-NEC income (plus YTD) to determine qualifying earnings for our 1099 loan. In general, lenders evaluate consistent 1099 income and may consider business tenure, DTI, and reserves when making approval decisions.
Is NASB’s 1099 loan a Non-QM mortgage?
NASB’s 1099 Mortgage Loan is a non-QM program that uses alternative documentation to verify income and ability to repay. Broadly, 1099 loans are non-QM because they don’t meet agency full-doc standards.
Who is a 1099 loan best suited for?
NASB’s 1099 loan is best suited for self-employed borrowers—contractors, freelancers, gig workers, realtors—whose tax returns don’t reflect their actual income. Typically, these programs help borrowers with legitimate write-offs qualify based on documented 1099 earnings.
What is a 1099 mortgage loan?
At NASB, a 1099 mortgage loan lets you qualify using your 1099-NEC earnings statements instead of traditional tax returns or W-2s. Generally, 1099 loans are designed for independent contractors, freelancers, and self-employed borrowers with non-W-2 income.
Looking for more detailed answers?
Explore our complete 1099 Mortgage Loan FAQs , including advanced income scenarios, documentation details, and program guidelines.
What Our Customers Say
general non-qm reviews
Can’t Find What You Need?
NASB offers additional non-QM loan products that may better suit your unique situation. Speak with one of our knowledgeable loan officers to discuss your unique circumstances and explore the mortgage solutions that best suit your needs.
| Loan Type2 | Who is it For? | Minimum Credit Score | Minimum Loan Amount | Minimum Down Payment |
|---|---|---|---|---|
Uses bank statements (not tax docs) to verify income. | Self‑employed borrowers, business owners, or independent contractors | 700 | $175,000 | 10% with mortgage insurance3 |
Qualifies based on rental property cash flow instead of income. | Real estate investors | 700 | $175,000 | 20% |
Uses assets (not income) to qualify for a mortgage. | High-net-worth borrowers or retirees using liquid assets to qualify | 700 | $175,000 | 20%3 |
For higher loan amounts or loans that don't meet standard guidelines. | Borrowers with home purchases above the conforming limit | 720 | $805,501 | 20% |
Looks at complete financial picture to secure a loan after a credit setback. | Individuals looking to secure a loan after a one-time hardship such as bankruptcy or foreclosure | 620 | $175,000 | 30% |
11099 loans require a minimum 700 FICO score, a minimum loan amount of $175,000 (exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas), and a 20% down payment. A lower FICO score or down payment may be available with eligible compensating factors. Must have a two-year history in the same line of work. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes. The product is not available in New York, the Chicago or Baltimore metropolitan areas and not in all locations or for all property types. Loans are subject to underwriting, eligibility criteria, and other factors. Your Loan Officer will provide more information regarding 1099 loans and what may work best for your situation.
2Additional eligibility criteria for each loan product may exist. Visit nasb.com for more information on each loan product type. Loans are subject to underwriting and eligibility criteria, and other factors. Your loan officer will provide you with more information regarding a specific loan and what may work best for your situation. The 1099 Loan, DSCR Loan, and Credit Event Home Loan products are not available in New York, the Chicago or Baltimore metropolitan areas and not in all locations or for all property types. Contact a NASB Loan Officer for more details on product eligibility, specific areas and/or zip codes excluded.
310% down payment with no mortgage insurance option available with 740 FICO. Talk to a NASB loan officer for more details.
