If you live and work in New York 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 York 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 York, business entity records are searchable through the New York Department of State, Division of Corporations. If a CPA prepares your expense letter or P&L, the lender may check the license with the New York State Education Department, Office of the Professions.
Where the numbers point in New York
Counties with the most self-employed workers:
| County | Self-employed workers |
|---|---|
| Kings County | 129,465 |
| Queens County | 114,656 |
| New York County | 100,279 |
| Suffolk County | 77,790 |
| Nassau County | 74,193 |
| Westchester County | 55,078 |
| Bronx County | 40,451 |
| Erie County | 33,934 |
| Monroe County | 30,104 |
| Richmond County | 18,338 |
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Common questions
What if I have both W-2 and 1099 income?
Lenders can often count both. The W-2 portion is verified the usual way, and the 1099 portion is documented through returns or a 1099 program, depending on how the loan is structured. Some non-QM programs are flexible about combining income types; others are not. Tell your loan officer about every source up front so they can choose a program that counts all of it.
Is a 1099 employee treated differently than a W-2 employee?
Yes. A W-2 employee's wages are verified through pay stubs, W-2s and the employer. A 1099 worker is treated as running a business, so lenders look at business income rather than wages. That usually means either tax returns or a 1099 program instead of a simple employment verification, and lenders pay closer attention to how steady your clients and payments are.
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 York
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 York non-QM overview
- Census ACS 2020-2024, table B24080