1099 Loans
Unlock Homeownership for Independent Contractors
Financing options tailored for independent contractors
Flexible income verification based on 1099 forms
Competitive rates and terms
888-549-1005
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Make your dream of owning a home a reality.
Low down payment options
Flexible credit requirements
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888-549-1005
Call for a Free Mortgage Saving Report
No Credit Checks Required
1099 Loans
Or Get a Free Rate Quote
1800-725-9946
Unlock Homeownership for Independent Contractors
Financing options tailored for independent contractors
Flexible income verification based on 1099 forms
Competitive rates and terms
888-549-1005
Call for a Free Mortgage Saving Report
No Credit Checks Required
Get Approved for a 1019 Loan — Flexible, Fast, and Designed for Self-Employed Borrowers!
No Tax Returns or W-2s Needed: — Qualify with simple bank statements or alternative documentation.
Perfect for Self-Employed & Business Owners: — Ideal for borrowers with complex or non-traditional income streams.
Competitive Interest Rates: — We help you secure the best rates to lower your monthly payments and maximize savings.
Fast Pre-Approval Process: — Get approved quickly so you can move forward with confidence.
Flexible Loan Terms to Fit Your Needs: — Customized solutions designed around your unique financial situation.
Low Closing Costs with Transparent Fees: — No surprises, just straightforward savings and expert guidance.
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Start with our Mortgage Approval Tool!
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Home Purchase
Buying a home is a major investment,
requiring planning, budgeting, and research to secure the perfect property for long-term stability.
Home Refinance
Home refinancing replaces an existing mortgage with a new loan, often to lower interest rates, reduce payments, or access home equity.
Home Equity
Home equity is the property's market value minus any outstanding mortgage balance, allowing homeowners to borrow against their ownership stake.
Reverse
A reverse mortgage allows homeowners, typically seniors, to convert home equity into cash without monthly payments, repaid when they move or sell.
Our Service Commitment
No Hidden Fees: We believe in clear and upfront communication about all costs associated with your mortgage.
Tailored Solutions: Our advisors work closely with you to find mortgage solutions that are customized to your financial situation.
Tailored Solutions: Our advisors work closely with you to find mortgage solutions that are customized to your financial situation.
Get Expert Advise, every time from a licensed loan officer with a suite of products to choose from.
Our Team strives to deliver excellence, reach us day or night about any of your mortgage questions, we’re here for you when you need.
Working with us or just thinking of it, we will always be honest and transparent. No sales targets means way better service!
Largest Lender Network in Florida, Georgia & Texas
Our Service Commitment
Get Expert Advise, every time from a licensed loan officer with a suite of products to choose from.
Our Team strives to deliver excellence, reach us day or night about any of your mortgage questions, we’re here for you when you need.
Working with us or just thinking of it, we will always be honest and transparent. No sales targets means way better service!
No Hidden Fees: We believe in clear and upfront communication about all costs associated with your mortgage.
Tailored Solutions: Our advisors work closely with you to find mortgage solutions that are customized to your financial situation.
Available When & Where You Want!
Across multiple states our Licensed Loan officers will help you from the application to the funding and beyond.
We work on your schedule, with streamlined technology and support staffing, your mortgage request will always be a priority!
Available When & Where You Want!
Across multiple states our Licensed Loan officers will help you from the application to the funding and beyond.
We work on your schedule, with streamlined technology and support staffing, your mortgage request will always be a priority!
Book an Appointment
Book an Appointment
Meet Our Team
Angle Ogbele
Natasha Staplowski
Darnell Smith
Arlan Zuberi
Meet Our Team
Angle Ogbele
Natasha Staplowski
Darnell Smith
Arlan Zuberi
What is 1099 Loans?
A 1099 loan refers to a type of loan primarily available to individuals who receive 1099 income, which is income reported through various forms of the 1099 tax document used by freelancers, independent contractors, and other self-employed individuals. Unlike traditional loans that require W-2 forms as proof of income, 1099 loans rely on the income reported on 1099 tax documents.
A 1099 loan can be a valuable financial tool for self-employed individuals who may have difficulty qualifying for traditional loans due to the variable nature of their income. It allows them to leverage their 1099 income history to obtain financing for purposes such as buying a home or investing in a business.
How Does a 1099 Loan Works?
Eligibility: To qualify for a foreign national loan, the borrower must be a legal resident of another country and not a US citizen. They may be in the US on a work visa, student visa, or simply as an investor looking to purchase property.
Down Payment: Lenders often require a larger down payment from foreign nationals, which can be anywhere from 30% to 50% of the property's value, as these loans are considered higher risk.
Interest Rates: The interest rates for foreign national loans are usually higher than those for standard mortgage products available to US citizens or permanent residents.
Documentation: The borrower will need to provide documentation to verify identity, legal residency or visa status, and financial stability. This could include a passport, visa, proof of income, proof of assets, credit history (if available), and sometimes a reference from a financial institution in their home country.
Credit History: Foreign nationals may not have a US credit history, so lenders might consider international credit reports or require additional financial documentation to assess creditworthiness.
Property Use: These loans are for investment properties or second homes, rather than primary residences.
Loan Terms: The terms of the loan, such as the interest rate, loan duration, and amortization period, can vary widely depending on the lender and the borrower's qualifications.
Funding Source Verification: Lenders will often require proof that the funds being used for the down payment and closing costs have been sourced legally and are not the result of money laundering.
Closing Process: The closing process may be more complex due to the additional documentation and verification steps required. The borrower might need to work with a real estate attorney or a specialized mortgage broker who understands the intricacies of foreign national loans.
By using 1099 forms as the basis for income verification, these loans provide a viable mortgage option for those who might not qualify for traditional loans due to the non-standard nature of their income.
What is 1099 Loans?
A 1099 loan refers to a type of loan primarily available to individuals who receive 1099 income, which is income reported through various forms of the 1099 tax document used by freelancers, independent contractors, and other self-employed individuals. Unlike traditional loans that require W-2 forms as proof of income, 1099 loans rely on the income reported on 1099 tax documents.
A 1099 loan can be a valuable financial tool for self-employed individuals who may have difficulty qualifying for traditional loans due to the variable nature of their income. It allows them to leverage their 1099 income history to obtain financing for purposes such as buying a home or investing in a business.
How Does a 1099 Loan Works?
Eligibility
To qualify for a foreign national loan, the borrower must be a legal resident of another country and not a US citizen. They may be in the US on a work visa, student visa, or simply as an investor looking to purchase property.
Down Payment
Lenders often require a larger down payment from foreign nationals, which can be anywhere from 30% to 50% of the property's value, as these loans are considered higher risk.
Interest Rates
The interest rates for foreign national loans are usually higher than those for standard mortgage products available to US citizens or permanent residents.
Documentation
The borrower will need to provide documentation to verify identity, legal residency or visa status, and financial stability. This could include a passport, visa, proof of income, proof of assets, credit history (if available), and sometimes a reference from a financial institution in their home country.
Credit History
Foreign nationals may not have a US credit history, so lenders might consider international credit reports or require additional financial documentation to assess creditworthiness.
Property Use
These loans are for investment properties or second homes, rather than primary residences.
Loan Terms
The terms of the loan, such as the interest rate, loan duration, and amortization period, can vary widely depending on the lender and the borrower's qualifications.
Funding Source Verification
Lenders will often require proof that the funds being used for the down payment and closing costs have been sourced legally and are not the result of money laundering.
Closing Process
The closing process may be more complex due to the additional documentation and verification steps required. The borrower might need to work with a real estate attorney or a specialized mortgage broker who understands the intricacies of foreign national loans.
By using 1099 forms as the basis for income verification, these loans provide a viable mortgage option for those who might not qualify for traditional loans due to the non-standard nature of their income.
Benefits of 1099 Loans
Here are some of its key benefits:
Income Documentation: Instead of the typical pay stubs and W-2 forms, borrowers provide 1099 forms and bank statements to demonstrate their income. Lenders look at the last two years of 1099 income to assess stability and consistency.
Credit Score Requirements: Borrowers usually need a minimum credit score, often around 620, although some lenders might accept lower scores with compensating factors.
Debt-to-Income Ratio: The debt-to-income (DTI) ratio requirement is often more flexible than for traditional loans, but lenders generally prefer a DTI below 50%.
Down Payment: Down payments for a 1099 loan can vary but are often higher than conventional loans, sometimes requiring 10-25% of the purchase price.
Interest Rates: The interest rates for 1099 loans may be higher than those for traditional mortgages, reflecting the lender's increased risk due to the less predictable income stream of self-employed borrowers.
Loan Terms: Terms can be similar to conventional loans, with 15-year and 30-year fixed-rate mortgages being common options.
(PMI): Many 1099 loans do not require PMI, even with a down payment of less than 20%, which can result in significant savings.
Self-Employment Verification: Borrowers must prove they have been self-employed for at least two years, which can be done through a combination of 1099 forms, bank statements, and a profit and loss statement.
These features make 1099 loans a potentially attractive option for self-employed borrowers who might struggle to qualify for a traditional mortgage due to the non-traditional nature of their income documentation.
Benefits of 1099 Loans
Here are some of its key benefits:
Income Documentation
Instead of the typical pay stubs and W-2 forms, borrowers provide 1099 forms and bank statements to demonstrate their income. Lenders look at the last two years of 1099 income to assess stability and consistency.
Credit Score Requirements
Borrowers usually need a minimum credit score, often around 620, although some lenders might accept lower scores with compensating factors.
Debt-to-Income Ratio
The debt-to-income (DTI) ratio requirement is often more flexible than for traditional loans, but lenders generally prefer a DTI below 50%.
Down Payment
Down payments for a 1099 loan can vary but are often higher than conventional loans, sometimes requiring 10-25% of the purchase price.
Interest Rates
The interest rates for 1099 loans may be higher than those for traditional mortgages, reflecting the lender's increased risk due to the less predictable income stream of self-employed borrowers.
Loan Terms
Terms can be similar to conventional loans, with 15-year and 30-year fixed-rate mortgages being common options.
(PMI)
Many 1099 loans do not require PMI, even with a down payment of less than 20%, which can result in significant savings.
Self-Employment Verification
Borrowers must prove they have been self-employed for at least two years, which can be done through a combination of 1099 forms, bank statements, and a profit and loss statement.
Features of 1099 Loans
Easier Qualification for Self-Employed Individuals: Traditional loans require W-2 forms to prove income. For self-employed individuals, this can be a barrier to qualifying for a mortgage. A 1099 loan uses the income reported on IRS Form 1099, which can make it easier for self-employed borrowers to qualify.
No Tax Returns Required: Instead of tax returns, which may not accurately reflect a self-employed individual's current income due to deductions and write-offs, a 1099 loan focuses on gross deposits, providing a more accurate picture of cash flow.
Potential for Higher Loan Amounts: Because 1099 loans consider gross income rather than net income after deductions, borrowers might qualify for a larger loan than they would with a traditional mortgage.
Flexible Income Verification: Lenders may accept bank statements or profit and loss statements as proof of income, which can be beneficial for borrowers with complex income structures.
Access to Competitive Interest Rates: While 1099 loans may have slightly higher interest rates than conventional loans, they still offer competitive rates compared to other non-traditional loan products.
Customized Loan Products: Some lenders offer loan products specifically tailored to the needs of self-employed borrowers, with features designed to accommodate fluctuating incomes and unique financial situations.
Potential for Streamlined Documentation: The documentation process for a 1099 loan can be less cumbersome than for traditional loans, as it doesn't require the same level of income verification.
By taking advantage of a 1099 loan, self-employed borrowers and independent contractors have the opportunity to secure financing that might otherwise be unavailable to them through conventional mortgage products. This can be particularly beneficial for those looking to purchase a home or refinance an existing mortgage.
Features of 1099 Loans
Easier Qualification for Self-Employed Individuals
Traditional loans require W-2 forms to prove income. For self-employed individuals, this can be a barrier to qualifying for a mortgage. A 1099 loan uses the income reported on IRS Form 1099, which can make it easier for self-employed borrowers to qualify.
No Tax Returns Required
Instead of tax returns, which may not accurately reflect a self-employed individual's current income due to deductions and write-offs, a 1099 loan focuses on gross deposits, providing a more accurate picture of cash flow.
Potential for Higher Loan Amounts
Because 1099 loans consider gross income rather than net income after deductions, borrowers might qualify for a larger loan than they would with a traditional mortgage.
Flexible Income Verification
Lenders may accept bank statements or profit and loss statements as proof of income, which can be beneficial for borrowers with complex income structures.
Access to Competitive Interest Rates
While 1099 loans may have slightly higher interest rates than conventional loans, they still offer competitive rates compared to other non-traditional loan products.
Customized Loan Products
Some lenders offer loan products specifically tailored to the needs of self-employed borrowers, with features designed to accommodate fluctuating incomes and unique financial situations.
Potential for Streamlined Documentation
The documentation process for a 1099 loan can be less cumbersome than for traditional loans, as it doesn't require the same level of income verification.
By taking advantage of a 1099 loan, self-employed borrowers and independent contractors have the opportunity to secure financing that might otherwise be unavailable to them through conventional mortgage products. This can be particularly beneficial for those looking to purchase a home or refinance an existing mortgage.
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RateShop Mortgage LLC is a licensed mortgage broker in FL, GA, and TX.
In accordance with federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, or age (provided you have the capacity to enter into a binding contract), nor do we discriminate because any part of your income is derived from public assistance programs, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The Federal Trade Commission, Equal Credit Opportunity Division, Washington, DC 20580, is the federal agency responsible for administering these laws.
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