Many traditional home loans, such as Conventional, FHA, VA, Jumbo, and USDA loans, poorly serve applicants who earn their income through 1099 wages. On a conventional home loan, the lender is restricted to using only the taxable portion of the applicant's salary for qualification purposes.
1099 Mortgage loans, also known as self-employed mortgages, allow you to ensure a mortgage without the documentation you usually use to verify your income, such as W-2s and tax returns. Instead, workers qualify based upon the 1-2 years of 1099's.
Entrepreneurs, freelancers, small business owners, and self-employed borrowers get the mortgage you want at the low rates you deserve.
The short answer is yes. But it's a bit more complex than just a simple yes. Don't worry, though, because you'll understand how to get your mortgage after this.
The first step to getting mortgages for 1099 employees is prequalification. It is as straightforward as phoning your bank or completing an online questionnaire with the basic details on your Form 1099 income report, debt, and assets. This information should give you a quick estimate of the amount you can afford to borrow to purchase your home.
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