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Employees (and employers) are all subject to federal and state wage hour rules. The CFPB refers to Mortgagee Letter 2006-30 and affirms it will follow HUD's rule, which is to say that Mortgage Brokers and Mortgage lenders must pay their loan officers W-2 and that 1099 is illegal under HUD/CFPB Guidelines.
Gross income includes all the income that constitutes earned income?namely, wages or salary, commissions, and bonuses, as well as business income net of expenses if the person is self-employed. It also includes income that doesn't come from employment.
If you're self-employed, the loan approval process will be somewhat similar to that of a W-2 salaried applicant: You'll need to provide certain documentation to verify your employment income and prove to the lender that you're a creditworthy fit for a mortgage in general and a certain sum in particular.
1099 Mortgage Loan Requirements Include: Documentation of year-to-date income. 680 minimum credit score. Minimum 10% down with mortgage insurance approval. Minimum loan amount of $175,000 required to apply*
Lenders want to see that the amount you earn from self-employment is steady or (ideally) increasing over time. For homebuyers with a traditional job, paystubs and W-2s serve as proof of regular income. But for self-employed individuals, income records could include: Two years of personal tax returns.
Just because you work for yourself doesn't mean you're guaranteed to have a hard time getting a mortgage, however. If you supply the right documentation to verify your income, do your homework and know what to expect, you can get approved for a loan.
Proof of income Depending on the nature of your self-employment, you may have income from freelance work, side jobs, gig work, contracting or a business you own. To determine how much you're able to borrow, lenders will combine your sources of income into your total taxable income.
You calculate net earnings by subtracting ordinary and necessary trade or business expenses from the gross income you derived from your trade or business. You can be liable for paying self-employment tax even if you currently receive social security benefits.