1099 earners can use 1099 earning statements or bank statements to qualify for a loan. This loan option helps those who cannot verify income based on tax returns. Typically, one to two years of the most recent statements are required and the borrower must be employed with a single employer for two years.
If you earn 1099 income as an independent contractor, freelance worker or a salesman, you can qualify for an FHA loan if you can document steady 1099 income for the past two years. The first step for 1099 employees is prequalification. This is as simple as phoning Omar at 954-625-5836 or completing an online questionnaire with the basic information on your Form 1099 income report, debt, and assets.