Less paperwork, more possibility for 1099 earners.
Paid on a 1099? If write-offs or uneven income have led traditional lenders to turn you down, this program qualifies you on your 1099 earnings alone. No W-2s, no problem.
How Your Income Is Calculated
- Your 1099 income is averaged over the past 12–24 months.
- An expense factor may apply when using business accounts.
- Some programs allow bank statements to supplement 1099 income.
- No full tax-return review is needed.
Who It's Built for
- Real estate agents, consultants, contractors, and freelancers
- Rideshare and delivery drivers
- Designers, photographers, artists, and writers
- Commission-based earners without W-2s
- Anyone with steady 1099 income who struggles to qualify the traditional way
Why Borrowers Choose It
- No tax returns or W-2s. Qualify using your 1099 forms.
- Built for independent earners.
- Higher qualifying income. Uses your gross 1099 income, setting aside the deductions that shrink it.
- Purchase, refinance, or cash-out on primary, second, or investment homes.
- Fast turn times. Closings in as little as 2–3 weeks.
Program Parameters
- Income docs: 12–24 months of 1099s, sometimes supported by bank statements
- Tax returns: not required
- Credit score: 620–660 minimum (better pricing at 700+)
- Loan amount: $100,000 – $3,000,000+
- LTV: up to 90% purchase, up to 80% refinance or cash-out
- DTI: up to 50%, case by case
- Occupancy: primary, second home, or investment
- Property types: single-family, condos, townhomes, 2–4 units
- Terms: 30-year fixed, interest-only, or ARM
- Prepayment penalty: none on primary/second homes; may apply to investment
- Reserves: typically 3–6 months of PITIA
- 1099 history: at least 1 year of 1099 income; same line of work for 2+ years