As a 1099 independent contractor, you've worked hard to build your business and income. We understand that traditional lenders often overlook the financial stability of self-employed borrowers. Our mortgage solutions are designed to recognize your true earning potential.
”At NMHL, we work with borrowers in exactly this situation every day. We understand the uncertainty, the frustration, and the worry that comes with navigating a mortgage during a significant life event. You are not alone, and your situation does not have to be a barrier to homeownership.
Our licensed loan officers specialize in finding the right path forward for borrowers in complex circumstances. Whether your situation requires specialized documentation, alternative qualification methods, or simply a lender who takes the time to understand your full financial picture, we are here to help you move forward with confidence and clarity.
Your Path Forward
Proven Solutions for Your Situation
Bank Statement Loan for Contractors
Qualify for a mortgage using your bank statements instead of tax returns. This option is ideal for contractors with significant business expenses that reduce their taxable income.
1099 Income Averaging for Conventional Loans
With 2 years of 1099 history, you can qualify for conventional loans by averaging your income. This helps account for fluctuations in your earnings.
Co-Borrower Options for Enhanced Approval
Adding a W-2 earning spouse or partner as a co-borrower can strengthen your mortgage application. This combined income approach gives lenders confidence in your payment stability.
Non-QM Loans for Complex Income Situations
For contractors with complex income situations or those who don't fit traditional lending criteria, our Non-QM loans offer flexible qualification options.
Personalized Guidance for Your Situation
No two mortgage journeys are alike. Our experienced advisors take the time to understand your unique circumstances and find the best path forward.
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Understanding Your Mortgage Options as a 1099 Contractor
As a 1099 independent contractor, you're not alone in facing challenges when applying for a mortgage. Traditional lenders often struggle to assess the income stability of self-employed borrowers. At National Mortgage Home Loans (NMHL), we offer specialized mortgage solutions designed to recognize your true earning potential.
Our mortgage programs cater to the unique financial situations of 1099 contractors like you. Whether you're looking to purchase a new home or refinance an existing one, we have the expertise to guide you through the process.
Get started with NMHL pre-approval today
Bank Statement Loans: A Flexible Alternative
For 1099 contractors with significant business expenses, bank statement loans offer a flexible alternative to traditional income verification methods. Instead of relying on tax returns, we analyze your bank statements to determine your actual income.
- 12 or 24 months of bank statements
- No tax return requirements
- Actual deposit-based income calculation
This approach can be particularly beneficial if your tax returns don't accurately reflect your financial situation due to business deductions.
Explore NMHL's bank statement loan options
Conventional Loans for 1099 Contractors with Stable Income
If you have at least 2 years of 1099 history, you may be eligible for conventional loans. We average your income over 24 months to account for any fluctuations in your earnings.
This approach allows you to qualify for competitive interest rates and more favorable loan terms. Our mortgage specialists will work with you to gather the necessary documentation, including your 1099 forms and tax returns.
Discover your conventional loan options with NMHL
Co-Borrower Strategies for Enhanced Approval
Adding a W-2 earning spouse or partner as a co-borrower can significantly strengthen your mortgage application. By combining your 1099 income with their W-2 earnings, we can present a more comprehensive financial picture to lenders.
This co-borrower strategy not only improves your chances of approval but may also help you qualify for better interest rates and more favorable loan terms.
Discuss co-borrower options with an NMHL specialist
Frequently Asked Questions
Yes, you can get pre-approved. We'll review your financial situation, including bank statements or 1099 forms, to determine how much you can borrow. Start your pre-approval process with NMHL today.
Lenders typically average your income over 2 years. For bank statement loans, they may use your gross deposits over 12 or 24 months. The specific calculation depends on the loan program you're applying for.
Not always. While 2 years of 1099 history is often required for conventional loans, some lenders offer options for newer contractors using bank statement programs or alternative income verification methods.
Yes, adding a W-2 earning spouse or partner as a co-borrower can improve your chances of approval. This combined income approach gives lenders more confidence in your ability to make mortgage payments.
Most mortgage programs require a minimum credit score of 620+. However, some Non-QM loans may consider applicants with lower scores. Your NMHL mortgage specialist can help you explore your options.