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Simple 3 Step Process
Consult with one of our experienced loan officers who will comprehend your objectives and assist you in formulating a strategy.
Learn about the available investment mortgage options designed for 1099 individuals.
We will help you through a stress-free loan application procedure and close on time.
As a 1099 contractor, getting a mortgage can seem like a daunting task. You may be wondering how you can qualify when you don’t have a W-2 form.
Don’t worry, Lending Warehouse is here to help! We will walk you through the process of getting a mortgage as a 1099 contractor and explain how to get the best rates possible.
Lending Warehouse will help you discover creative mortgage programs built specifically for investors, business owners, entrepreneurs and more. Here are some advantages to the mortgage solutions we will show you.
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In no-income-verification mortgages, lenders do not require applicants to verify or document their source of income. Other names for these mortgages include “stated-income” loans and “no-doc” or “alt-doc” loans, however they all fall under the same umbrella description with only slight differences.
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We are here to help you understand the out side the box solutions.
At Lending Warehouse, we specialize in investment mortgages for 1099 and self employed individuals.
Our team is highly experienced with creative options specific to your needs.
A mortgage for a contractor is very similar to a regular mortgage, with a few key differences. The biggest difference is that instead of using your W-2 income to qualify, we’ll use your last two years of tax returns. This is because as a contractor, you likely have fluctuating income from year to year. By using your tax returns, we can get a more accurate picture of your overall income and better assess your ability to repay the loan.
Another key difference is that you’ll need to make a larger down payment. This is because lenders perceive contractors as higher risk than those with W-2 income. As a result, they’ll require you to put down a larger down payment – typically 20% or more.
But don’t let these differences deter you! Getting a mortgage as a contractor is definitely possible, and we’re here to help you every step of the way. So read on to find out how you can qualify and get the best rates possible.
The first step is to gather your documents. You’ll need your last two years of tax returns, as well as bank statements and asset statements. Once you have all of your documentation in order, the next step is to speak with Lending Warehouse. They’ll be able to review your documents and help you determine what type of mortgage and loan terms you qualify for.
Once you’ve found a loan that works for you, the next step is to apply! The application process for a contractor mortgage is very similar to a regular mortgage. You’ll need to fill out an application and provide your documentation. Once your application is complete, the lender will review it and make a decision.
The biggest difference between a regular mortgage and a contractor mortgage is how your income is calculated. With a regular mortgage, your W-2 income is used to qualify. However, with a contractor mortgage, your last two years of tax returns are used instead. This is because as a contractor, your income can fluctuate from year to year. As a result, using your tax returns provides a more accurate picture of your overall income and helps the lender assess your ability to repay the loan.
Another key difference is the down payment. With a regular mortgage, you’ll typically need to put down a minimum of 20%. However, with a contractor mortgage, you may be required to put down a larger down payment – typically 20% or more.
So there you have it! Now you know how to get a mortgage if you’re a contractor. Just remember to gather your documentation, speak with a Lending Warehouse representative, and apply for the loan that’s right for you. We wish you the best of luck in your journey to homeownership!
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