Self-Employed
What is a 1099 income loan?
Answered by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A 1099 income loan qualifies independent contractors using their 1099 forms — applying a flat expense factor to gross earnings — rather than full tax returns. It's a clean option for those paid on 1099s.
It captures more income than returns when you take large deductions. The rate is modestly higher than conventional. We'll calculate your qualifying income straight from your 1099s.
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