Borrowing when 1099?

[Denise Holder]

Although there are great benefits to being a 1099 employee, borrowing is proving difficult. I need to borrow 20k for a Reno of a cabin in the Allegheny mountains. I went 1099 in January (less than 2 years) and conventional banks and credit unions won't touch me. I don't need much, but who/where can I look for some funding? Also, I'm in Warren PA not Pittsburgh. 

paThank you

[Aleksandr Simonelli]

Hi Denise, many Non-Qm lenders provide lending option for 1099 employees. Most of the time up to 80% CLTV.

Some Non-QM Lenders will also offer second liens using 1099 as a form of income. These are often smaller loans and make sure to not affect the rate you locked in on your first mortgage.

When it comes to 1099 history, I know of a couple companies that will qualify you with less than 1 year of 1099 history if you've worked in the same line of business before switching to 1099. 

Hope this helps.