Miami Mortgage Broker
1099 Income Loan
Up to 90% LTV, loan to value, No mortgage Insurance Credit scores starting at 600
Self-Employed
1099 Income Loan
1099 income loan works for contractors, self employed borrowers, freelancers and much more. We can use the 1099 in lieu of your tax returns to qualify for a mortgage.
Benefits
- 90% LTV, loan to value with a 700 mid-score
- 80% LTV, loan to value with 640 mid-score
- Loans up to 3 million, Minimum 200k loan
- 30 year fixed and ARM available
- Owner occupied, second home or investment property allowed
- NO Tax returns required
- Two-year seasoning for foreclosure, short sale, bankruptcy or deed in leu
- One and two-year 1099’s with year-to-date earnings statement
- 1099’s must be from a single employer
- Purchase, cash out or Rate-Term refinance available
- Non-Warrantable condos allowed
What Documentation Is Required
- One or two years of 1099 forms
- A year-to-date earnings statement
- Your 1099s should ideally be from a single employer
- Verification of your income via bank statements or pay stubs
- Depending on the lender, you may also need to show a consistent self-employed history (for example, 2 years working in the same line of work).
Credit and Financial Requirements
- Minimum credit score can be as low as 600, depending on product.
- Some programs ask for credit scores ~620–660 or above.
- Lenders will analyze your debt-to-income (DTI) ratio — ensuring your monthly obligations are manageable.
- Reserving cash (i.e., PITI reserves) may be needed in certain cases, especially for non-QM loans.
Top 10 FAQ’s for 1099 Income Loans
Yes. Many 1099 income loan programs allow you to qualify without tax returns. Your lender uses your 1099 forms (1–2 years) plus a year-to-date income statement to calculate qualifying income.
Most lenders require one or two years of 1099 forms. If you have two years available, it usually leads to stronger approval and better terms.
In most cases, yes. You may need recent bank statements to verify that your 1099 income is being deposited regularly and matches the earnings shown on your forms.
Many programs accept credit scores as low as 600–620, depending on the loan type and lender guidelines. Higher scores can help you secure better rates.
Absolutely. This loan is ideal for freelancers, independent contractors, gig workers, rideshare drivers, consultants, and anyone earning income via 1099 instead of W-2.
No. These programs are designed specifically for borrowers who do not want to use tax returns due to deductions or fluctuating income.
Yes, many programs allow 1099 income loans for primary homes, second homes, and investment properties, including non-warrantable condos.
Lenders typically use a percentage of your total 1099 earnings (often 80–90%) or the average of your past 12–24 months. They may also review year-to-date income.
Yes. You can use a 1099 income loan for purchasing, refinancing, or cash-out refinancing, depending on qualification and lender guidelines.
Not necessarily. While requirements are slightly different, many borrowers find it easier because there is no tax-return analysis, and underwriting focuses on verifiable earnings instead of taxable income.
