1099 Income Loans for Self Employed Borrowers
At CRESTICO, our 1099 income loan program provides an alternative mortgage solution for eligible self-employed borrowers who may have difficulty qualifying through traditional Agency guidelines.
What Is a 1099 Income Loan?
This type of mortgage can be particularly useful for borrowers who receive income as independent contractors, freelancers, consultants, gig economy workers, or other self-employed professionals.
Traditional mortgage underwriting may require extensive income documentation. A 1099 mortgage program can provide an alternative approach by allowing eligible borrowers to document income using qualifying 1099 earning statements and other permitted documentation.
At CRESTICO, we help borrowers understand which mortgage options may fit their income structure, property type, and financing goals.
How Does a 1099 Mortgage Work?
Instead of automatically relying on traditional tax-return documentation, an eligible 1099 income loan may use qualifying earning statements and other documentation permitted under the applicable loan program.
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Check Eligibility
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Who Can Benefit From a 1099 Income Loan?
A 1099 income mortgage may be worth exploring if you earn income outside of traditional W-2 employment.
The program can be relevant to eligible:
- Independent contractors
- Freelancers
- Consultants
- Self-employed professionals
- Gig economy workers
- Individuals receiving qualifying 1099 income
- Business professionals whose income is documented through 1099 forms
If your income is primarily reported through 1099 forms, speaking with a mortgage professional can help determine whether this type of loan is appropriate for you.
1099 Income Documentation Requirements
According to the current program information, eligible borrowers may use their 1099 earning statements rather than traditional tax returns to qualify.
The program information includes:
Key Features of the 1099 Income Loan Program
Can I Buy a Home With 1099 Income?
For self-employed borrowers, the challenge is often not the ability to earn income but how that income is documented for mortgage qualification.
A 1099 mortgage provides an alternative way for eligible borrowers to document qualifying income. This can make it an option worth considering if traditional mortgage documentation does not accurately reflect your current income situation.
Whether you qualify depends on the specific loan program, your documentation, property, loan amount, and other underwriting requirements.
What Are the Benefits of a 1099 Mortgage?
Why Work With CRESTICO for a 1099 Mortgage?
CRESTICO helps borrowers explore mortgage solutions based on their individual income situation, financing goals, and property needs.
Instead of assuming that a traditional mortgage is your only option, we can help you understand whether a 1099 income loan or another mortgage program may be a better fit.
Whether you are buying your first home, purchasing an investment property, financing a second home, or refinancing an existing mortgage, our team can help you evaluate your available options.