Many traditional home loans, such as Conventional, FHA, VA, Jumbo, and USDA loans, poorly serve applicants who earn their income through 1099 wages. On a conventional home loan, the lender is restricted to using only the taxable portion of the applicant's salary for qualification purposes.
1099 Mortgage loans, also known as self-employed mortgages, allow you to ensure a mortgage without the documentation you usually use to verify your income, such as W-2s and tax returns. Instead, workers qualify based upon the 1-2 years of 1099's.
Entrepreneurs, freelancers, small business owners, and self-employed borrowers get the mortgage you want at the low rates you deserve.
The short answer is yes. But it's a bit more complex than just a simple yes. Don't worry, though, because you'll understand how to get your mortgage after this.
The first step to getting mortgages for 1099 employees is prequalification. It is as straightforward as phoning your bank or completing an online questionnaire with the basic details on your Form 1099 income report, debt, and assets. This information should give you a quick estimate of the amount you can afford to borrow to purchase your home.
We bring a customized, unique approach to mortgages. Our lending solutions use the perfect hybrid of human-driven insights and technical prowess to process loans faster and significantly reduce costs.
Effective Date: 9/1/2021
All loan approvals are conditional, not guaranteed, and subject to lender review of all information. A loan is conditionally approved when the lender has issued an approval in writing, but until all conditions are met, a loan cannot be funded. Specified rates may not be available for all borrowers. interest rates, and program guidelines, and are subject to change without notice based on applicant’s eligibility and market conditions. Pioneer Mortgage Funding Inc. is an Equal Opportunity Mortgage Broker headquartered in Tampa, Florida. This licensee is performing acts for which a mortgage broker license is required. Pioneer Mortgage Funding Inc. is licensed by the Florida Office of Financial Regulation, NMLS# 1936558. Pioneer Mortgage Funding Inc. is approved to originate Conventional, FHA, VA, and USDA loans, and has the ability to broker such loans to Conventional, FHA, VA, and USDA approved lenders. Pioneer Mortgage Funding Inc. is not acting on behalf of or at the direction of HUD/FHA or the VA.
