1099 Income Mortgage Loans for Independent Contractors

---

Independent contractors and business owners do not always receive a regular paycheck. REDWHITE&LOAN helps borrowers compare available 1099-income mortgage options and other documentation paths through 40+ wholesale lenders. We serve San Antonio, Houston, Dallas–Fort Worth and Austin, as well as borrowers across Texas, Florida and Colorado.

Select wholesale lenders offer specialty non-QM programs using eligible 1099 income under program-specific rules. A 1099 form alone is not an approval. The lender must determine the acceptable income history, expenses, supporting records and all other qualification requirements.

Tell Hugh what services you provide, whether you work for one client or several, how long you have earned this income and whether you own a business entity. Recent changes, contract renewals and seasonal work can affect the questions a lender needs to resolve.

A form reporting payments does not necessarily equal the income available for a mortgage payment. Business expenses, other obligations and the lender’s calculation method matter. We can help you identify which records to prepare for an accurate review.

Receiving a 1099 does not automatically mean you need a specialty loan. Traditional agency financing may fit some borrowers whose qualifying income can be documented under the relevant rules. A specialty non-QM option may use a different documentation method. Compare both when available.

Our role is to compare the available lender solutions and explain their differences. We do not promise that a program eliminates income verification, requires no business history or accepts every 1099 recipient.

• Which 1099 forms, reporting periods and supporting records are acceptable?
• How does the lender account for business expenses and changes in earnings?
• What history of the work, contracts or business is required?
• What down payment, reserves, credit and property requirements apply?
• Is the property eligible for the proposed occupancy and transaction?
• What are the rate, fees, total monthly payment and cash needed at closing?

Start with your purchase or refinance goal, property state, timeline and a description of your work. Have your available tax forms, contracts and business records organized, but wait for the specific document request before sending sensitive records. Explain discrepancies or unusual payments honestly.

For purchases, discuss the contract deadline and any builder incentives early. For refinances, explain the purpose of the transaction and your existing mortgage. Neither a preliminary discussion nor a document checklist is a loan approval.

If deposits best explain your cash flow, review our two- and three-month bank-statement options. If a profit-and-loss statement is relevant, see the P&L-only mortgage guide. Our self-employed mortgage guide explains how to begin comparing documentation paths.

The specialty 1099 programs described here are available through select non-QM wholesale lenders. They are distinct from FHA, VA, USDA and conventional agency financing. We can discuss whether another available program fits your situation.

Do not assume that gross receipts equal qualifying income. The lender’s method and applicable expenses must be reviewed for the specific program.

Possibly, if an available documentation approach addresses the actual issue. Other requirements still apply. Read our mortgage-denial guide and share the stated reason for the previous decision.

Ask for written terms and review payment, fees, closing funds and relevant loan features. The CFPB Loan Estimate guide is a useful reference for transactions using that disclosure.

Call Hugh Blevins at 210-264-7693 or start your secure mortgage application. Use the secure application process for financial documents, account statements and personal identifiers.

REDWHITE&LOAN · America’s Wholesale Mortgage Broker® · 16620 San Pedro Ave Ste 255, San Antonio, TX 78232. Hugh Blevins, Broker Owner, Individual NMLS 1469474. Company NMLS 2658593. Serving Texas, Florida and Colorado. California licensing is pending; California mortgage services are not offered at this time. Equal Housing Opportunity. Qualification requirements apply. All loans are subject to lender, program, borrower and property approval; terms and availability may change.