There are many benefits to being a gig worker, independent contractor, or freelancer, including flexible hours, financial freedom, being your own boss, a sense of ownership, security, and having a more balanced lifestyle. But one financial drawback for non-traditional wage earners can be trying to qualify for a mortgage.

Conventional loans favor W2 earners who can prove income from stable long-term employment. But Luxury Mortgage’s Simple Access® Non-QM 1099 Only loan can be the solution for those independent workers who want to purchase a home.

What Exactly is a 1099 Only Loan?

The 1099 Only mortgage program is a non-qualified (Non-QM) loan that allows the borrower to qualify based on personal or business bank statements rather than tax returns required by a conventional mortgage. No other income verification is required. This type of loan makes it easier for self-employed workers, for example, to get a home loan.

Borrowers must provide their most recent one or two years of 1099’s from their checking, savings, money market accounts, marketable securities, or retirement accounts.

  • Loan Highlights
  • Loan amounts to $3.5M
  • Fixed and adjustable-rate mortgages
  • Mortgage insurance not required
  • All occupancy types (primary residence, second home, or investment property)
  • Minimum credit score 620
  • Debt-to-income ratio up to 55

Ready to learn more?

Connect with one or our lending specialists today for more information and a free rate quote on our Simple Access® Non-QM 1099 Only loan. Call (888) 379-0303 for a free consultation.

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We're dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.

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