Buying with 1099 Income (Non-QM)
A clear, step-by-step homebuying process for self-employed and 1099 income earners, guided by verified, licensed professionals.
Booking is free and available 24/7.
Your 5-Step Process
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Step 1: Get Pre-Qualified — Loan Officer
Submit 12–24 months of personal or business bank statements, asset documentation, and identification. Review interest rates, down-payment requirements, reserve requirements, and Non-QM program terms.
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Step 2: Strengthen Your Approval — Tax Professional or CPA
Provide year-to-date profit and loss statements (if using business accounts) and, if required, a CPA letter confirming business start date and expense ratios. Develop a long-term strategy to refinance into a conventional loan.
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Step 3: Shop & Submit an Offer — REALTOR®
Identify homes within your approved payment range. Structure competitive offers and negotiate seller credits toward closing costs or rate buydowns when applicable.
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Step 4: Insurance & Underwriting — Insurance Agent & Loan Officer
Secure homeowners insurance with the lender listed as mortgagee. Complete the appraisal, satisfy final underwriting conditions, and lock your interest rate.
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Step 5: Close & Post-Close Tax Planning — Tax Professional or CPA
Complete closing, file for the Homestead Exemption (if eligible), and retain your Closing Disclosure and IRS Form 1098. Plan a refinance to a conventional loan in 12–18 months once tax returns reflect sufficient qualifying income.
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Helpful Note
Non-QM loan programs vary by lender and borrower profile. Eligibility, rates, and terms are subject to underwriting approval.
Common Questions for 1099 Homebuyers
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Keeping your business and personal finances separate makes income documentation much clearer for lenders. It helps avoid delays during underwriting and supports a smoother loan approval process.
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It’s best to avoid opening new credit accounts or making large purchases until after closing. These actions can change your credit profile and may impact your loan approval or terms.
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Seller concessions are contributions from the seller that can help cover closing costs. Asking about them may reduce the amount of cash you need upfront at closing.
4.5 stars by 27 customers
“Our agent really took the time to understand what we were looking for and never rushed us into a decision.”
— Former Customer“As a self-employed buyer, having someone explain Non-QM options in plain language made a huge difference.”
— Former Customer“Having a CPA involved gave us confidence that nothing was being overlooked.”
— Former Customer