If you live and work in New Jersey on 1099 pay, you have more than one way to document income for a home loan. Some contractors qualify from tax returns without trouble; others do better with a program that reads their 1099 forms directly. Programs vary by borrower, property and investor, so pricing a 1099 scenario next to a returns-based scenario for your New Jersey purchase or refinance is a sensible first step. Bring every 1099 you received so nothing is left out of the count.
Call to talk with a licensed loan officer. Programs vary by borrower, property and investor.
Lenders often confirm that your business is active. In New Jersey, business entity records are searchable through the New Jersey Department of the Treasury, Division of Revenue & Enterprise Services. If a CPA prepares your expense letter or P&L, the lender may check the license with the New Jersey State Board of Accountancy.
Where the numbers point in New Jersey
Counties with the most self-employed workers:
| County | Self-employed workers |
|---|---|
| Bergen County | 55,153 |
| Essex County | 38,386 |
| Monmouth County | 33,431 |
| Middlesex County | 33,300 |
| Hudson County | 30,917 |
| Ocean County | 27,109 |
| Morris County | 26,704 |
| Union County | 24,557 |
| Passaic County | 22,418 |
| Camden County | 20,207 |
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Prefer to talk first? Call (888) 508-8976. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.
Local pages in New Jersey
- Bank statement loans in Trenton
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Common questions
Can I switch from a 1099 loan to a conventional loan later?
Possibly. If your future returns show enough net income to qualify under agency guidelines, a refinance into a conventional loan may be an option. Whether it makes sense depends on rates, costs, any prepayment terms on the original loan and your home's value at the time. Ask about prepayment terms before you close so you know how flexible the loan will be.
How do 1099 mortgage lenders calculate my income?
Most programs total the 1099 payments over the period they review, apply an expense factor to estimate your business costs, and average the result into a monthly figure. Some accept a CPA, EA or licensed tax preparer letter with an expense figure specific to your business. That monthly figure is then compared with your debts, including the proposed housing payment.
Can I get a mortgage with only 1099 income?
You may qualify. Agency loans generally treat 1099 earners as self-employed and use tax returns, which works when your net profit is strong. If deductions make your returns look thin, a 1099 mortgage program can build your income from the forms themselves, adjusted by an expense factor. Lenders still verify deposits and assess ability to repay, and all loans are subject to credit approval.
Other non-QM options in New Jersey
Bank statement loansNon-QM lendersSelf-employedP&L loansAsset depletionNo-doc / stated incomeNew self-employedITIN loansForeign nationalNon-warrantable condoBank statement HELOCInterest-only
Related guides
- 1099 vs. W-2 Income: How Mortgage Lenders See the Difference
- How to Get a Mortgage When You Are Self-Employed
- How Tax Write-Offs Affect Your Mortgage Qualifying Income
1099 Mortgage Loans overview · New Jersey non-QM overview
- Census ACS 2020-2024, table B24080