1099 Income Loans

Features

• Loans up to $3 million 
• Purchase or refinance¹
• Owner-occupied, second homes, and investment properties
• No tax returns are required
• Most recent one or two years 1099 plus year-to-date earning statement allowed
• Year-to-date earnings are verified from earning statements, paystubs, or bank statements
• Borrower must be self-employed working for the same employer for two years

About 1099 Income Loans

1099 Income Loans may be a good option for self-employed borrowers who are 1099 workers, such as freelancers, contractors, gig economy workers or other self-employed borrowers who file using W9s. These types of workers may have difficulty qualifying for traditional mortgages, but with 1099 Income Loans, can use their 1099 earning statements in place of tax returns to qualify. 

Borrowers can use 1099 earning statements or bank statements to qualify for a loan. Typically one or two years of the most recent statements are required and the borrower must be employed with a single employer for two years. 

Self-employed borrowers may also be interested in Bank Statement or P&L Loans.

Other programs you might be interested in 

Farm Bureau Mortgage specializes in helping our customers get the best home loans to fit their unique goals and needs, especially when traditional products won’t cut it. Self-employed borrowers, real-estate investors, retirees, or individuals with unique financial circumstances may also be interested in our Bank Statement Loan, Profit & Loss loan, Asset Qualifier, or DSCR loan.