THERE’S GOOD NEWS!
You can now qualify for a mortgage based on your 1099 income only.
In 2023, nearly 2.2 million Californians — 11.5% of the workforce — reported being primarily self-employed. (Nationwide, it’s around 10%.) That’s a massive group of entrepreneurs, freelancers, and contractors — including real estate agents, consultants, creatives, and gig workers — who often face one major hurdle: qualifying for a mortgage. Why? Because traditional lenders rely on tax returns, which can be tricky for self-employed with lots of write-offs.
BUT THERE’S GOOD NEWS!
At a recent staff meeting at Pacific Bay Financial, Blanche Esteban of Clear Edge Lending shared an innovative solution from NON-QM lenders: 1099-Only Mortgage Qualification. That’s right — you can now qualify based only on your 1099 income, not your full tax return.
Click on this link to watch a six-minute video piece of Blanche’s presentation posted on my YouTube channel. Indeed, this is a big opportunity for contractors and others who aren’t traditional W-2 employees.
Who do you know that could benefit from that?
Send this information their way or call me: (415) 225-7920, or email to: mannykagan@comcast.net
Best wishes of good luck,
Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983
NMLS #205637
DRE #00874630