1099 Income Loans - For 1099 Earners. No Tax Returns Required.
At Crestico, we understand that as a 1099 earner, traditional income documentation can be difficult to provide.
Step 1
Check Eligibility
Step 2
Payment Option
Step 3
Get Approved
Step 4
Close the Loan
Step 5
Repayment & Loan Terms
1099 Income Loan Solution
Crestico Funding offers a tailored loan option for self-employed individuals who earn through 1099 income, including freelancers, contractors, gig economy workers, and others who typically file using W-9 forms. Many of these borrowers struggle to qualify for a mortgage under traditional Agency guidelines.
Our 1099 Income loan allows self-employed borrowers to use their 1099 earning statements, instead of tax returns, to qualify for a mortgage. This alternative loan solution provides an opportunity for many self-employed individuals to achieve homeownership.
- Loans up to $3 million with a minimum loan amount of $150,000
- Available for purchase, cash-out, or rate-term refinances
- Financing for owner-occupied, second homes, and investment properties
- No tax returns required
- Two years seasoning for foreclosure, short sale, bankruptcy, or deed-in-lieu
- Accepts most recent one or two years’ 1099 plus year-to-date earnings statement
- Year-to-date earnings can be verified using earning statements, paystubs, or bank statements
- 1099s must come from a single employer and be issued in the borrower’s personal name
- Borrower must be self-employed and in the same line of work for at least two years
Frequently Asked Questions (FAQs)
Can You Get a Mortgage with 1099 Income?
Yes, 1099 earners can qualify for a mortgage using 1099 earning statements or bank statements instead of traditional tax returns. This option is perfect for individuals who cannot verify their income through tax filings. Typically, one to two years of the most recent statements are required, and the borrower must be employed by a single employer for at least two years.
Is 1099 Earned Income Considered Self-Employed Income?
Yes, income reported on Form 1099-MISC in box 7 is classified as non-employee compensation or self-employment income. For more details on qualification requirements, contact a Crestico Funding account executive.
How is Income Verified for a Self-Employed Borrower?
For self-employed borrowers, year-to-date earnings are verified using 1099 earning statements, bank statements, and/or paystubs. For detailed submission requirements, reach out to a Crestico Funding account executive.