If you live and work in Virginia 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 Virginia 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 Virginia, business entity records are searchable through the Virginia State Corporation Commission, Clerk's Office. If a CPA prepares your expense letter or P&L, the lender may check the license with the Virginia Board of Accountancy.
Where the numbers point in Virginia
Counties with the most self-employed workers:
| County | Self-employed workers |
|---|---|
| Fairfax County | 57,417 |
| Prince William County | 21,123 |
| the City of Virginia Beach | 20,909 |
| Loudoun County | 20,300 |
| Chesterfield County | 15,040 |
| Henrico County | 14,968 |
| the City of Chesapeake | 10,197 |
| Arlington County | 10,076 |
| the City of Richmond | 9,755 |
| the City of Alexandria | 7,245 |
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Local pages in Virginia
- Bank statement loans in Virginia Beach
- Bank statement loans in Richmond
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- Bank statement loans in Arlington
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- Bank statement loans in Lake Ridge
- Bank statement loans in Annandale
- Bank statement loans in Burke
Common questions
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.
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.
Other non-QM options in Virginia
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 · Virginia non-QM overview
- Census ACS 2020-2024, table B24080