1099 Only Loan
Purchase & Rate/Term Refinance
- Up to 90% LTV on loan amounts to $1,000,000
- Up to 85% LTV on loan amounts to $2,500,000
- Up to 80% LTV on loan amounts to $3,000,000
Cash-Out Refinance
- Up to 80% LTV on loan amounts to $2,500,000
- Up to 75% LTV on loan amounts to $3,000,000
- Maximum proceeds: No limit up to 65% LTV; up to $1,000,000 when LTV exceeds 65%
Additional Features
- Loan amounts up to $4,000,000 (higher considered by exception)
- Minimum 620 FICO for Purchase, Rate/Term, and Cash-Out
- Debt-to-income ratios up to 50%
- Interest-only options available
- Multiple financed properties permitted
1099 Mortgage Solutions for Freelancers in London, Michigan
If you are a freelancer, contractor, or consultant in the London, Michigan area, you know the deep satisfaction that comes with a job well done. You enjoy the freedom of being your own boss, setting your own hours, and choosing the projects that truly matter to you. However, when the time comes to buy a home, that same freedom can often feel like a massive hurdle.
Traditional banks and big-box lenders usually follow a very rigid playbook. They want to see two years of tax returns, and they base your borrowing power on your “taxable income”. As a business owner or independent professional, you likely use legal deductions to keep your tax bill manageable. While that’s smart for your wallet, it’s often bad for a traditional mortgage application because it makes your income look much smaller on paper than it actually is.
At Michigan Mortgage Loans, we believe your ambition and hard work should be rewarded, not penalised. If you have a solid history of working for yourself, our 1099 mortgage Michigan programs are designed to look at the bigger picture. We allow you to qualify based on your actual earnings—the gross amount you brought in—rather than just the final number left over after all your business write-offs.
We See the Hard Work Behind Your 1099
The modern workforce is changing. More people than ever are trading the traditional 9-to-5 for the “gig economy,” consulting, or skilled trade contracting. Despite this, most mortgage lenders haven’t updated their rules. They still ask for piles of pay stubs that you simply don’t have. For a 1099 worker, those standard forms rarely tell the whole story of your financial health or your ability to pay for a home.
Our 1099-only loans in Michigan are specifically built to bridge this gap. Instead of digging through years of complex tax filings that don’t reflect your current success, we focus on your gross income as shown on your 1099 forms. This approach gives you the buying power you actually deserve, reflecting the true strength of your business or freelance career.
How many years of 1099 history do I need?
Generally, we look for a two-year history of being self-employed in the same line of work. However, if you have recently switched from a W-2 role to a 1099 role in the same industry, we may still be able to help. It’s always best to give us a call so we can look at your specific timeline.
Do I need a huge down payment for a 1099-only loan?
Not necessarily. While some specialty loans require a bit more upfront, many of our self-employed clients find that down payment requirements are very similar to standard loans. We will look at your credit and income to find the lowest possible entry point for you.
Is the interest rate much higher for these loans?
Because these loans fall outside of "standard"government rules, the rates can be slightly different. However, we take pride in offering competitive rates for the Michigan market. Most clients find that the ability to actually qualify for the home they want far outweighs a small difference in the rate.
What documents should I start gathering?
To get the ball rolling, you’ll just need your 1099 forms from the last one to two years, your most recent bank statements, and a valid ID. We try to keep the list short so you aren't digging through filing cabinets for weeks.
Does it matter if I live in London or elsewhere in Michigan?
Not at all. While we love working with our neighbours in London, we provide these specialised loans to self-employed professionals all across the state of Michigan.
