If you get 1099’s instead of W-2’s at the end of the year from your employer – that means you are self-employed. At least that’s how we perceive it in the mortgage world.
The traditional means of income documentation for self employed people is two years of tax returns.
Some people that are self employed tend to “maximize their deductions” so to speak on their tax returns. Even though their gross income is good, their adjusted gross income on their tax returns is low. That’s good for paying taxes, but bad when you want to get a mortgage.
One possible way around this is to take advantage of one of our Non QM 1099 loans.
We just need your last two years of 1099’s and no tax returns. We use the income figures on the 1099’s for income.
If you or someone you know are in this situation – give our offices a call or shoot us an email. We would love to help you!
That’s it for today!
Thanks for reading!
Brett
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