Common challenges
Mileage and expense write-offs often erase most taxable income on Schedule C.
Programs that fit
Self-employed
1099 Loans
A 1099 loan qualifies independent contractors using their 1099 forms (and sometimes a small expense factor) instead of full tax returns, so write-offs on Schedule C do not shrink your qualifying income..
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Self-employedBank Statement Loans
A bank statement loan is a non-QM mortgage that calculates self-employed income from 12 or 24 months of personal or business bank deposits instead of tax returns.
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Home loanFHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
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Tips before you apply
- Deposit all gig income into one account.
- Download annual earnings summaries from each platform.
FAQ
What is the best mortgage for gig & 1099 workers?
It depends on your documentation and goal. The programs that most often fit are 1099 Loans, Bank Statement Loans, FHA Loans.