1099 Income

Yes. Conventional loans can use 1099 income documented with tax returns, and 1099 loan programs can use the 1099 forms themselves. Lenders generally want to see a consistent history of 1099 income in the same line of work. We check both paths.

Yes. Self-employed borrowers qualify every day, either with tax returns on a conventional loan or with bank statements, a P&L or 1099s on a Non-QM loan. The right path depends on how your income shows up on paper, and as a broker we can price both.

Conventional loans generally look for two years of self-employment history. Fannie Mae allows as little as 12 months on your most recent tax returns if you previously earned similar income in the same line of work. Bank statement programs set their own rules, so it varies by lender.

It depends on the program. Conventional loans typically use two years of personal and business tax returns. Bank statement loans use 12 to 24 months of statements, P&L loans use a CPA-prepared profit and loss statement, and 1099 loans use your 1099s. Most programs also ask for proof of assets and evidence the business is active.

A Non-QM (non-qualified mortgage) falls outside the standard Qualified Mortgage rules, usually because income is documented with bank statements, a P&L, assets or rental income instead of tax returns. Lenders are still required to verify that you can repay. It is a documentation difference, not a subprime product.