1099 or Bank Statement Home Loan
- NASB is a national leader in the non-QM lending space
- No tax returns needed
- In-house underwriting means a fast and worry-free loan process
- $175,000 minimum loan amount*
Home loan solutions for self-employed workers.
Are you self-employed or own a business and struggling to qualify for a mortgage? A 1099 or Bank Statement Loan from NASB could provide the flexibility you need.
1099 Mortgage Loan
Our 1099 mortgage loan uses your 1099-NEC statements to verify your income and eligibility, eliminating the need for traditional tax documents.
1099 Mortgage Loan requirements include:
- The last 12 months of 1099-NEC income, less if 1099-NEC income is from the most recent employer.
- Documentation of year-to-date income
- 700 minimum credit score
- 20% minimum down payment
- $175,000 minimum loan amount*
Bank Statement Loan
Our Bank Statement Loan enables business owners to apply for a home loan without relying on net income from tax returns or pay stubs. Instead, we review your non-traditional income over 12 months using bank statements.
Bank Statement Loan requirements include:
- Must provide 12 consecutive months of bank statements from the same account
- 10% down payment required with mortgage insurance
- Up to 90% maximum Loan-To-Value (LTV)
- 680 minimum credit score
- 45% maximum debt-to-income ratio (DTI)
- $1,250,000 maximum loan amount, $175,000 minimum*
- Escrow for taxes and insurance is required
- A minimum of two years of self-employment or 1099-NEC contract work is required, with exceptions for one year of self-employment in the same field
Our 1099 and Bank Statement mortgage loans may be an excellent option for:
- Self-Employed Professionals
- Business Owners
- Independent Contractors
- Entrepreneurs
- Healthcare Workers
- Freelancers
- Gig Workers
- Realtors
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."
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*1099 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.