Frequently Asked Questions

How does a 1099 mortgage loan work for a carpenter?

A 1099 loan uses gross 1099 contractor earnings from the past 12 to 24 months as qualifying income. No tax returns are required for income qualification. The gross amount paid by your GCs — not the after-deduction Schedule C net — determines what you qualify for.

Do I need two full years of 1099 income to apply for a carpenter home loan?

Most programs require 24 months of documented self-employment and 1099 income. Some allow 12-month qualification under specific conditions. If you have only one full year of 1099 income, speak with a Non-QM loan officer about your timeline and what compensating factors might allow earlier qualification.

What documents does a 1099 carpenter need for a mortgage?

Primarily: 1099-NEC forms from the past 12 or 24 months, a current carpenter’s license, a CPA or accountant letter confirming independent contractor status, government-issued ID, and asset statements. Tax returns are not required for income qualification.

Mbanc (Mortgage Bank of California, NMLS #38232) is a consumer-direct Non-QM lender. This content is for informational purposes only and does not constitute a commitment to lend. All loans subject to credit approval.

Mbanc NMLS #38232 | Equal Housing Opportunity Lender

About the Author

Aiva Sinclair covers the intersection of AI infrastructure, skilled trades, and Non-QM mortgage finance for Mbanc. Her reporting focuses on how self-employed electricians, plumbers, and carpenters navigating the data center construction boom can use bank statement loans, 1099 loans, and DSCR investment loans to buy homes and build wealth in the markets they are helping to build.

Contact: sales@mbanc.com | mbanc.com/non-qm-trades