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1099 Contractor Mortgage Florida

1099 Income Loans Florida

Mortgages for Florida independent contractors and gig workers. Qualify on your 1099 earnings instead of W-2s or full tax returns. NMLS# 1859012.

1099s
Qualify You
1–2 yr
History
620+
Min FICO
Get Pre-Approved📞 (561) 300-0380
By Onias Derilus, NMLS# 1859012 · Licensed FL Mortgage Broker · Last Updated: May 2026
1099 Income Loans Florida

Contractor Mortgages in Florida

Working 1099 should not cost you a mortgage. A 1099 income loan qualifies you on your contractor earnings, not the W-2 you do not have.

Traditional underwriting leans on pay stubs and two years of tax returns. Independent contractors often write off enough that their returns understate real earnings. A 1099 program reads the income more fairly.

Who is it for? Consultants, real estate and insurance agents, rideshare and delivery drivers, tradespeople, and freelancers paid on 1099s across Florida.

Eligibility & Requirements

✓1–2 years of 1099 income in the same field
✓620+ credit score on most programs
✓10–20% down for contractor programs
✓Expense factor applied to gross 1099 earnings
✓Steady, documentable work history
✓No W-2 required to qualify

Official resource: CFPB — Owning a Home.

Who Qualifies on 1099s
Consultants & freelancers1099-NEC
Real estate / insuranceCommission
Rideshare & deliveryGig 1099
TradespeopleContract work
If you are paid on a 1099, you likely have a path.
1099 Income Example — Illustration
Gross 1099 income$140,000/yr
Expense factor (10%)−$14,000
Qualifying income~$10,500/mo
Years documented2 years
Min down payment10–20%
Min FICO620+
Illustration only — not a rate quote. Expense factor varies by lender.
Rates & Costs

What 1099 Loans Cost

A 1099 program prices a touch above conventional because it uses alternative documentation. If your tax returns happen to support the income cleanly, a standard loan may be cheaper. We compare both so you keep more money.

Two Paths Priced
We quote the 1099 program and a conventional loan side by side.
Down Payment
More down lowers the rate, especially on alternative-doc loans.
Credit Strength
A 700-plus score earns the best pricing on contractor loans.

We do not post a fixed rate — your number depends on your file. Request a personalized quote for real terms.

Pros & Cons

1099 Loan Pros and Cons

Advantages
✓Qualify without a W-2
✓Often just one year of 1099s
✓Expense factor beats line-item write-offs
✓Works for gig and commission income
✓Available statewide in Florida
Trade-offs
✓Rates run above conventional
✓10–20% down often required
✓Income must be steady
✓Expense factor reduces income
✓Not every lender offers it
How to Qualify

How Contractors Get Approved

1. Gather your 1099s
One to two years of 1099 forms covering your contractor or freelance work.
2. Set the income
We apply the lender's expense factor to turn 1099 earnings into qualifying income.
3. Match the program
1099-only, bank statement, or conventional — whichever path qualifies you for more.
4. Close as a contractor
No W-2 required — underwrite and close on your independent earnings.
Florida Notes

1099 Workers in Florida's Economy

Florida runs on independent work. Real estate, tourism, construction, and a booming gig sector mean a huge share of earners are paid on 1099s. Lenders here underwrite contractor income every day, which works in your favor.

Income can swing month to month in commission and seasonal work. We average over a long enough window so a strong stretch is not erased by a slow one, giving you a fair shot at the home you want.

Compare Options

Ways Contractors Qualify

How a 1099 loan compares with conventional and bank statement qualifying.

Feature1099 IncomeConventionalBank Statement
Income Doc1099 formsW-2 + returnsBank deposits
Years Needed1–2 years2 years1–2 years
Min Down10–20%3–5%10–20%
Best ForContractorsEmployeesHeavy write-offs
Min FICO620+620+620+
1099 Income FAQ

1099 Loan Questions, Answered

What is a 1099 income loan?
A 1099 income loan qualifies independent contractors using their 1099 forms instead of W-2s and full tax returns. The lender takes your 1099 earnings, applies an expense factor, and uses the result as qualifying income. Mortgage Capital (NMLS# 1859012) places these for Florida contractors, freelancers, and gig workers.
Can I get a mortgage as a 1099 contractor in Florida?
Yes. You no longer have to fit the W-2 mold. Beyond traditional loans, 1099 programs let you qualify on one to two years of 1099 income, and bank statement loans use your deposits. We match your situation to the lender that treats contractor income most generously.
How many years of 1099 income do I need?
Many 1099 programs accept a single year of 1099 income if you have a steady history in the same line of work. Two years is the safer baseline and usually unlocks better pricing. A shorter track record does not automatically disqualify you.
How is my 1099 income calculated for the loan?
The lender starts with your gross 1099 earnings, then applies an expense ratio to account for business costs. The remaining figure becomes your monthly qualifying income. If your real expenses are lower than the assumed ratio, you may qualify for more than your tax returns would suggest.
What credit score and down payment do I need?
Plan on 620 or higher for most 1099 programs, with sharper rates at 700-plus. Down payments usually run 10 to 20 percent depending on the program and your credit. Government loans like FHA can go lower if your documented income supports the payment.
Do gig workers and freelancers qualify in Florida?
Yes. Rideshare drivers, delivery workers, consultants, real estate agents, and freelancers all fit the 1099 framework. Florida's large independent workforce makes this a common path, and lenders here are used to underwriting it.
Explore Related Programs
Self-Employed MortgagesBank Statement LoansNon-QM Loans FloridaAll Florida Loan Programs

Get Your 1099 Pre-Approval in Florida

Qualify on contractor income · 1099 & bank statement options · Licensed FL mortgage broker NMLS# 1859012

📞 (561) 300-0380

Rates are illustrative only. APR and payments vary by credit score, loan amount, and market conditions. Subject to credit approval. Not a commitment to lend. NMLS# 1859012. Equal Housing Lender.