Are stated income loans required for 1099 independent contractors?

Yes you are considered self employed. So a mortgage will be based on your last two years tax returns. You will need to be on commission for 2 years.

1099 is considered self-employed. You Need A least two years tax returns.

Hi Justin, 1099 is considered self-employed. If you look at your tax returns you most likely have your income listed on a schedule E or C. As long as you have a full two years of working in the same field self-employed you can use your adjusted gross income to qualify, I would speak with a local loan officer and provide your last two years of tax returns so he/she can figure out your qualifying income is and let you know what you can qualify for. Best wishes, Sean

We offer Stated Income loans at Velocity, truely stated, but only for Non Owner Occupied properties. Feel free to reach out if you have any additional questions or want to explore scenarios