1099 Mortgage Loan

A 1099 income loan allows self-employed and contract workers with non-traditional income to get a mortgage loan who can't qualify for a conventional mortgage.



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Key Features

Use 1099-NEC statement instead of tax documents

700 minimum credit score

Great option for self-employed borrowers



A home loan solution for self-employed borrowers.

A 1099 home loan is a mortgage option designed for self-employed individuals and contract workers who may struggle to qualify for a conventional loan. Borrowers can use their 1099-NEC earnings statements to demonstrate their income instead of traditional tax documents. 

Our 1099 mortgage loan can be an excellent option for:
  • Self-employed
  • Independent Contractors
  • Consultants
  • Realtors
  • Freelance employees
  • Entrepreneurs
  • Gig workers
  • Truckers


Video - How to Get a Home Loan if You're Self-Employed

Watch this video to find out the two ways you can get a mortgage loan if you're self-employed without W2s or pay stubs.


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1099 Mortgage Loan Requirements Include:


  • The last 12 months of 1099-NEC income
  • Documentation of year-to-date income
  • 700 minimum credit score
  • Minimum 20% down

  • A minimum loan amount of $175,000 is required to apply*

 

1099 Mortgage Loan FAQs

A 1099 income loan is for self-employed or independent contract workers who have difficulty qualifying for a conventional mortgage loan. Lenders look at income from a 1099 instead of tax returns.
  • The last 12 months of 1099-NEC income
  • Documentation of year-to-date income
  • 700 minimum credit score
  • 100% of 1099-NEC income considered
A 1099 loan is a good mortgage loan option for those that are self-employed, freelancers, contractors, recently switched from W2 to 1099; anyone who files taxes using a W-9 and cannot qualify under Agency guidelines.
We require minimum 20% down.

A minimum loan amount of $175,000 is required to apply. Exceptions include mortgage products for properties located within the Greater Kansas City metro and surrounding areas. Contact a NASB Loan Officer for details on the excluded areas and/or zip codes.

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Have questions?

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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.