If you're self-employed, you may be wondering how to use your 1099 income to qualify for a mortgage. We're here to give you a clear picture of what it means to have a 1099 income on your taxes. The best part, you can qualify for a loan using 90% of your 1099 income!

1. No tax returns and made simple

If you are self-employed, there are no tax returns required. Lenders analyze your bank statements to determine your income and qualify you for a bank report Non-QM loan. Generally, borrowers need to provide 12 months of bank statements and have a 2-years of self-employment. This loan is usually the right solution for the self-employed, business owners, entrepreneurs, consultants, realtors, and real estate investors.

2. Up to 80% cash-out refinance

If you already own a home and need cash to pay down other debt, we can help with that too! If you have equity in your home, we can use it as part of the loan amount and take cash out of your home. This is your money, and you can use it however you wish.

3. Up to 90% Loan To Value on 1,000,000

If you don't have enough equity in your existing home but still want or need more space or amenities than what's currently available in your current neighborhood (such as a larger garage), then a purchase transaction may be the right option for

4. 30-year fixed rate or interest-only terms

You can still choose your terms depending on what is best for you and what programs lenders offer. 30-year and 15-year fix rates mortgages are available. You can also qualify for interest-only terms, adjustable-rate terms, and hybrids like a 7/1 where your rate is fixed for the first 7 years, and then it adjusts 1 time every year until you sell the house or refinance.

5. What it takes to qualify

You need a good credit score and be self-employed for 2-years. Some lenders will qualify you with only 1 year of self-employment. You also need to start an application with a qualified mortgage advisor.

To learn more about using 90% of 1099 income to qualify for a mortgage and see if you qualify, complete the form below.