Thomas Martin – Mortgage Loan Originator– Phone: 954-667-9110 – Subject to change without notice – Rev 3-13-2025
DEFINITION: 1099 mortgage lenders are designed for borrowers whose income is reported on IRS Form 1099. Broadly speaking self-employed borrowers and/or contractors use an average of 1099 income to qualify for a mortgage loan to purchase or finance Florida real estate. You could be an independent contractor, sole proprietor of a business, or partner in a business. You might describe yourself as a freelancer, gig worker, or vendor.
1099 Mortgage Lenders In Florida
Obtaining a Florida mortgage as a self-employed 1099 can seem overwhelming. Qualifying for a mortgage using your last 2 years’ 1099s can be easier than you think. We specialize in helping people use their most recent 1099 income to qualify for a Florida mortgage.
Home Loans For 1099 Independent Contractors
Home Loan with Only 1099s Used For Income Great For Contractors and Self-Employed!
- Purchase, refinance, or cash out Refinance.
- Minimum 10% down payment – NO Mortgage Insurance
- No tax returns needed
- Use 12 or 24 months bank statements to qualify
- 3-month bank statement program
- 12-month bank statement program
- As much as 90% loan to value
- Credit score as low as 600
- Loans up to $4 million
- 40-year interest only available
- Non-permanent residents allowed
1099 Florida Mortgage Lenders
1099 mortgage lenders use 2-year average 1099 statements to verify your income and eligibility, eliminating W2s and 1040Tax Returns.
Mortgage Qualifying Requirments
- Proof of 2 years proof of employment in the same line of work even if the previous 12 months were w2.
- 1 year 1099 Mortgage can work if we can prove a previous history of w2 income in the same line of work.
- Proof of the most recent 12 months of 1099 income and year-to-date income statement to verify continuity.
- Proof of downpayment – Closing Cost – Reserves.
Frequently Asked 1099 Mortgage Questions
Q: Who needs a 1099?
A: Florida businesses that pay independent contractors have to file form 1099-NEC to report Nonemployee Compensation, to report payments of nonemployee compensation (NEC) previously reported in box 7 on Form 1099-MISC.
Q: Can I cash out and refinance my Florida mortgage using 1099 only for income?
A: Yes, our 1099 mortgage program allows you to purchase or refinance a Florida mortgage using 1099 and year-to-date income to qualify.
A: Yes, 1099 earners can use 1099 earning statements or bank statements to qualify for a loan. This loan option helps those who cannot verify income based on tax returns. Typically, one to two years of the most recent statements are required and the borrower must be employed with a single employer for two years.
A: Generally it is if you write off as much income as you can. In addition, most underwriters will want 2 years of self-employed income, to count the income for the loan. It’s not impossible, but it is harder to get a Florida mortgage if you have only been 1099 for one year. If you only have 1 year in this line of work and a lot of saving you might be better off with our no income verification mortgage option.
A: Yes, it’s possible to get a mortgage using your 1099 income to qualify. Regulation Z currently prohibits Florida mortgage lenders from making mortgage loans without regard to the consumer’s ability to repay the loan. And since these loans are made by private institutions the rates are higher but as long as you can fully document your ability to repay we can secure you a refinance or purchase loan using 1099.
Options to 1099 Mortgage Programs Include:
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- No Income Florida Mortgage Lenders: No Doc, Stated Florida No Income verification Mortgage Lender
- NO tax return Mortgage Lenders: Non-QM and Private Lenders offer alternative documentation.
- 1099 Only Mortgage Lenders: Use 1099 Income up to 100% income can be used.
- VOE Florida Mortgage Lenders: Use VOE to disregard your tax return write-offs.
- Bank Statement Mortgage Lenders: Avg 12 or 24-month average bank deposits..
- Asset-Based Mortgage Lenders: Assets in your account to average for income.
- Self-Employed Mortgage Options – Too many expenses to show enough income.
- P&L Only Mortgage Lenders: Use Your licensed Tax preparer to provide a profit and loss.
- NO Income Verification Investor Loans: Use the property’s income to qualify.
- Foreign National Mortgage Lenders: mortgage options to purchase or cash out and purchase.
- Commercial mortgage Lenders: Florida office buildings, Rental Units, shopping centers, and warehouses.
- Reverse Mortgage Condo Lenders: 55+ Florida Reverse mortgage for Condos.
- Bad Credit Florida Mortgage Lenders: Bad Credit based on payment history, not credit score driven.
1099 Self-Employed Mortgage For All Types
Self Employed 1099 and No Income Verification for everyone including:
- Self-employed
- Contactors
- Business Owners
- Entrepreneurs
- Realtors
- Photographer.
- Website designer.
- Virtual assistant.
- Bookkeeper.
- Delivery jobs.
- Landscaper.
- Online writer.
- House cleaner.
- Lawn Care Business
- Graphic Design
- Web Development
- Writing & Editing
- Photography
- Video Editing
- Bookkeeping & Accounting
- Customer Service
- Human Resources
- Payroll
- Project Management
- Virtual Assistant
- IT Consulting
- Software Development
- Electrician
- Plumber
- Construction
- Cleaning Services
- Delivery Services
- Rideshare or Taxi Driver
- Freight Driver
