1099-Only Mortgages for Contractors and Gig Workers
1099-only mortgages let independent contractors, gig-economy workers, and commission-based earners qualify on the gross income shown on their 1099 forms — no tax returns to expose business write-offs, no bank statement deposit averaging. The most recent 1 or 2 years of 1099s drive qualifying income directly.
Highlights
- •Use 1, 2, or sometimes 3 years of 1099 forms
- •Gross 1099 income (less an expense ratio in some programs)
- •No tax returns required
- •Available with 1 year of self-employment in some programs
- •Up to 90% LTV with strong credit
Who it's for
Real estate agents, insurance agents, independent contractors, gig-economy workers (Uber, DoorDash), commissioned sales reps, and consultants who receive 1099s instead of W-2s.
Frequently asked questions
How is income calculated from 1099s?
Most programs use gross 1099 income with a small expense reduction (often 10%). A few programs use 100% of gross. The 1099 amounts are summed and divided by 12 or 24 to produce monthly qualifying income.
How many years of 1099s do I need?
Standard is 2 years, but many programs accept 1 year if the borrower had W-2 employment in the same industry the year prior. A few specialty programs accept 1 year unconditionally.
What if I have multiple 1099 sources?
Combine them. Most programs accept any number of 1099 issuers as long as the work is in the same general line of business.
Can a real estate agent use 1099-only?
Yes. This is one of the most common borrower profiles for 1099-only programs.
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Today's mortgage rates
Conventional
5.875%
5.911% APR
FHA
5.250%
5.278% APR
VA
5.250%
5.275% APR
Conv: 80% LTV, 780 FICO. FHA: 96.5% LTV, 680 FICO. VA: 100% LTV, 680 FICO. 30-yr fixed. Your rate may vary.