How to get a Mortgage as a 1099 Contractor

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I am looking to get a mortgage for my first property. When talking with my mortgage broker, he told me that as a 1099 contractor, I will need to show 2 years of work history in order to qualify for a pre-approval. Unfortunately, I have only been a 1099 contractor for about 1 month. A year and a half ago, I was working as a W2 employee and then took some time off with little to no income until now. I definitely don't want to wait 2 years before purchasing, so I'm looking for some alternatives.

Does anyone know creative ways to get around this requirement and get a mortgage? Are there other types of lending that would be a better fit for me as a 1099 contractor?

Try a different lender. This is why for self employed applicant it is difficult to secure a new mortgage.  Some lenders will tolerate high down smaller mortgage. Try a mortgage broker.


A 1 month old business plus no income for a 1 1/2 years isn’t going to be possible for a mortgage at any decent rate. If you do find one, it’ll be a huge down payment. 

Even investor mortgages that aren't HML's, look at your income to a certain extent.

It’s easy to get approved after u have 1-2 years of income. I’ve had no issue getting qualified for a mortgage. I’ve been self employed or 1099’d for 8 years. 

Honestly with the way RE is priced right now, wait until you have 1 year of income on the books. Prices aren’t going up in the meantime.