1099 Mortgage Loan

Get approved for a self-employed mortgage using our 1099 income loan, designed for freelancers, contractors, and gig workers who don’t qualify for conventional home loans.

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Key Features

Use 1099-NEC statement instead of tax documents

700 minimum credit score

Great option for self-employed borrowers

Proven Results. Trusted Nationwide.

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★★★★★ (5)
Alexander S, April 5, 2024

“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.”

★★★★★ (5)
Karina P., November 8, 2023

“My fiance and I are both 1099 employees and first-time homebuyers, so as one can imagine, it was fairly difficult for us to find a lender that did not have obscene fees. NASB helped us find a mortgage loan that was beneficial to us and worked with our situation. From our first phone call to closing day, our loan officer was offering her help and expertise the entire time. If you are self-employed or a 1099 contractor looking to purchase a home, contact NASB. They will do their absolute best to make it happen!”

★★★★★ (5)
Micheal D, March 24, 2024

“My loan officer was very informative, explaining everything I needed to provide them along the way. They made my dream home a reality when others could not.”

★★★★★ (5)
Christina K., March 14, 2024

“The entire process was smooth and efficient. Everyone I've dealt with has been friendly and pleasant to deal with. I wouldn't hesitate to recommend NASB to friends and family.”

A self-employed mortgage solution using your 1099-NEC

Our 1099 Home Loan is a non-qualified mortgage (non-QM) loan designed for self-employed borrowers and contract workers. These individuals may not meet the income verification standards typically required for traditional mortgages. Instead of depending on tax returns, this loan utilizes 1099-NEC earnings statements as evidence of income.

Our 1099 mortgage loan can be an excellent option for:

Self-employed individuals
Independent Contractors
Consultants
Realtors

Freelancers
Entrepreneurs
Gig economy workers
Truck drivers

Advantages of a 1099 Home Loan from NASB:

Qualify with your 1099-NEC forms
No requirement for traditional tax documents or pay stubs
Tailored specifically for non-W2 earners
Competitive interest rates and personalized terms
Simplified income verification for self-employed applicants
No penalties for early repayment
In-house underwriting, processing, and closing for a seamless experience
Dedicated lending support from beginning to end - we do not broker your loan.

Let's get started!

Answer six quick questions to get your personalized recommendations from one of our loan experts.

What type of mortgage loan are you looking for?

Refinance

Mortgage purchase

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 Requirements Include:

The past 12 months of 1099-NEC earnings
Proof of income year-to-date
A minimum credit score of 700
At least 20% down payment
A minimum loan amount of $175,000 is necessary to apply¹

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.

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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.

888-661-1963

Loan Type²	Who is it for?	Min. Credit Score	Min. Loan Amount	Min. Down Payment
Bank Statement Loan	Small business owners	700	$175,000	10% with mortgage insurance*
DSCR Loan	Real estate investors	700	$175,000	25%
Asset Depletion Loan	Borrowers using liquid assets to qualify	700	$175,000	20%*
Jumbo Loan	Borrowers with home purchases above the conforming limit	720	$805,501	20%
Credit Event Loan	Helps financially stable individuals obtain a mortgage after a previous credit setback	620	$175,000	30%

*10% down payment with no mortgage insurance option available with 740 FICO. Talk to a NASB loan officer for more details.

1099 Loan Blogs

How To Get a Mortgage With 1099 Income

How to get a home loan if you are self employed

Two Ways to Get a Home Loan If You Are Self-Employed

difference between 1099 and bank statement loan

How are 1099 and Bank Statement Mortgage Loans Different?

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.