1099 Only
One form, one year, one approval.
1099 loans qualify independent contractors on the gross income reported on their 1099 forms, with a modest expense factor and no tax returns. Often the cleanest path for contract workers.
What makes this loan different
- Qualify on one or two years of 1099s
- Expense factor typically 10% to 20%
- No tax returns or business statements required
- Works alongside W-2 income in the same file
Who this is built for
- Independent contractors and gig professionals
- Insurance agents, loan officers, and recruiters
- Medical and tech contractors paid on 1099
Simplicity is the point
If your income already arrives on a 1099, the reporting has been done for you. The lender takes the gross figure, applies a small expense factor, and divides by twelve. There is no deposit analysis, no schedule C, and usually no CPA involvement.
Where a bank statement loan can take weeks of document gathering, a 1099 file is often complete in a single afternoon.
One year versus two
Two years of 1099s produce the best pricing. Many lenders will work from a single year when you can show prior experience in the same line of work, which matters for anyone who recently left a salaried role for contract work.
What lenders typically ask for
- One or two years of 1099 forms
- Year-to-date earnings evidence, such as a recent statement from the payer
- Verification that the contracting relationship exists and is ongoing
- Credit report, ID, and asset documentation
Requirements vary by lender and by file. This is a general picture of what is commonly requested, not a checklist for a specific loan.
Worth knowing
An expense factor still applies.
Gross 1099 income is generally not counted in full. Lenders apply an assumed business-expense percentage, so qualifying income lands below the face value of the forms.
Consistency across years matters.
Declining year-over-year 1099 income usually gets averaged toward the lower figure or examined closely. A gap between contracts can require explanation.
This is for contractors, not employees.
A borrower who receives a W-2 cannot use this program for that income. Mixed W-2 and 1099 earners generally need a program that handles both.
See what this program would take in your case.
We are brokers — this program is shopped across hundreds of wholesale lenders, not quoted off one rate sheet. A short application gives us enough to compare real options.
Program availability, terms, guidelines, and documentation requirements vary by lender and are subject to underwriting and change without notice. This is not a commitment to lend.