1099 Mortgage Loans in Maryland
Receiving income through 1099 forms doesn't automatically prevent you from qualifying for a mortgage.
At Redwood Mortgage Services, Stuart Kiehne helps independent contractors, freelancers, and self-employed borrowers in Annapolis and throughout Maryland explore financing options based on their income, financial history, and homeownership goals.
Whether you're purchasing a home or refinancing, we'll help you understand how lenders evaluate 1099 income and which mortgage programs may fit your circumstances.
How Lenders Evaluate 1099 Income
Receiving a 1099 instead of a W-2 does not automatically disqualify you from obtaining a mortgage. However, lenders generally evaluate self-employed income differently from traditional salaried employment.
For conventional mortgages, lenders typically review tax returns and calculate qualifying income based on documented earnings after applicable business expenses and allowable adjustments.
What Documents May Lenders Review?
- Personal and business tax returns
- 1099 forms and income history
- Profit-and-loss statements
- Business and personal bank statements
- Credit history, existing debts, and available assets
Important: Your total 1099 earnings are not necessarily the income a lender can use to qualify you. Business expenses, income stability, and the mortgage program's guidelines can all affect the calculation.
1099 Mortgage Guidance in Annapolis and Maryland
At Redwood Mortgage Services in Annapolis, Maryland, Stuart Kiehne works with independent contractors, freelancers, consultants, and other self-employed borrowers to review their financial circumstances and explore available mortgage programs.
Depending on the borrower's income documentation, credit profile, assets, and financing goals, conventional financing or alternative documentation mortgage programs may be worth considering.
Mortgage Options for 1099 Borrowers in Maryland
For self-employed borrowers who qualify using documented income and tax returns.
Additional financing possibilities for borrowers whose financial circumstances don't fit traditional guidelines.
Self-Employed? Let's Explore Your Mortgage Options.
Stuart Kiehne at Redwood Mortgage Services helps independent contractors, freelancers, and self-employed homebuyers throughout Maryland explore financing options based on their individual circumstances.