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1099 Loans are a type of mortgage designed specifically for self-employed individuals, freelancers, and independent contractors who receive income reported on IRS Form 1099 instead of traditional W-2 employment income.
Since 1099 earners often have variable or non-traditional income, these loans allow lenders to evaluate bank statements, profit and loss statements, or 1099 forms to verify income rather than relying solely on W-2s or tax returns.
Key features of 1099 Loans include:
• Designed for borrowers with irregular or variable income.
• Often require 12–24 months of 1099 forms or bank statements.
• Can be used to purchase or refinance primary residences, second homes, or investment properties.
• May have slightly higher interest rates than conventional loans due to the perceived risk.
1099 Income Proof
• Copies of IRS Form 1099 for the past 1–2 years.
• Shows the borrower’s self-employment or contractor income.
Identification
• Government-issued photo ID such as driver’s license or passport.
Bank Statements
• Typically 12–24 months of personal or business bank statements.
• Used to verify consistent deposits and cash flow.
Profit & Loss Statements (if applicable)
• For business owners or freelancers, showing income and expenses.
• Sometimes prepared by a CPA for accuracy.
1
Flexible Income Verification
Instead of relying solely on pay stubs, lenders may accept
1099 forms
Bank statements
Profit & loss statements
This flexibility helps people with variable income demonstrate their ability to repay.
2
Potentially Faster Approval
Some lenders focus specifically on self-employed borrowers, offering streamlined processes.
3
Opportunity to Build Credit
Successfully taking and repaying a 1099 loan can help establish or improve credit scores for independent contractors who may have limited access to traditional loans.
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