1099 Loans

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A 1099 Loan Program is a non-qualified mortgage (non-QM) tailored for self-employed individuals, freelancers, independent contractors, or gig workers who receive IRS Form 1099 to report income, rather than W-2 forms. These loans help borrowers who struggle to qualify for conventional mortgages due to irregular income or significant tax deductions that reduce taxable income. Instead of tax returns, lenders use 1099 forms, sometimes supplemented by pay stubs, bank statements, or CPA letters, to verify income.

Income Verification: Uses 1–2 years of 1099 forms (e.g., 1099-NEC or 1099-MISC) to calculate income, often taking 90–100% of gross 1099 income. Some lenders require a CPA letter or employer verification to confirm income stability and minimal mandatory expenses.

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