Getting a Mortgage on 1099 Income in Tampa Bay (2026 Guide)
Short answer: yes, you can buy a home in Tampa Bay on 1099 income without handing over tax returns. A 1099-only loan qualifies you on one or two years of 1099s plus proof of this year’s earnings. The lender takes your 1099 total, subtracts an expense factor, often 10%, and uses that as income. You’ll want about two years in the same line of work, a score around 660 or better, and money left over after closing.
Why your tax return is the problem
As a contractor you deduct mileage, equipment, your phone, a home office. That’s smart for taxes. It’s also why a conventional underwriter, who has to use the bottom line of your Schedule C, often finds you can’t afford the house you can clearly afford. A 1099 program starts from the top line instead.
How lenders turn 1099s into income
| Approach | How it works |
|---|---|
| Fixed 10% expense factor | The lender counts 90% of your 1099 total. You don’t pick the number. |
| Your stated expense factor | You write down your real expense ratio; the lender counts no more than 90% of the 1099 without a CPA letter. |
| Low ceiling on expenses | Some lenders take only 1099-NEC income and move any file showing more than 20% expenses to a bank statement or P&L program. |
Many lenders also want IRS 1099 transcripts, proof you’re still working for the payer, and a year-to-date pay statement or recent bank statements. A few skip the transcripts.
1099-NEC vs 1099-K: the trap for gig workers
If you drive or deliver through an app, your 1099-K usually shows the gross fares, including what the platform kept. On one file I worked this year the platform’s share was close to 40% of the gross. An underwriter can see the platform’s annual summary, so the honest move is to qualify on the net payout from the start, not on 90% of the gross. If the numbers still work there, great. If not, a fixed-ratio lender, a bank statement loan, or a co-borrower is decided before anyone writes a letter.
Typical requirements
- History: 2 years in the same line of work (shorter paths exist at a higher score and lower loan-to-value)
- Credit: about 660 minimum
- Loan-to-value: up to 85–90% on a primary at strong scores; around 80% at 660
- Debt-to-income: up to 50%, often 45% for first-time buyers
- Reserves: 3 to 12 months of the new payment, depending on lender and loan size
- Minimum loan: commonly $75,000 to $150,000
The Tampa Bay part
Hillsborough, Pinellas and Pasco buyers get qualified on the full payment, and that includes homeowners insurance and, in a flood zone, flood insurance. Near the water those can run as much as the property tax. Get an insurance quote on the specific house before you write an offer; it changes how much house the same 1099 buys.
Condos in St. Petersburg and Clearwater get a building review: milestone inspections, reserves and any special assessment. See the Tampa Bay home buyer guide for county numbers and the 1099 down payment guide.
When a different loan wins
- Your deposits are much bigger than your 1099s: a bank statement loan may qualify you higher.
- Your tax returns already show enough income: conventional or FHA is cheaper.
- You need the smallest possible down payment: ask about the 3.5% down FHA profit-and-loss program.
Program guidelines summarized from wholesale lender matrices and guides on file as of November 2026. This is general information, not an offer to lend or a commitment; rates, terms and eligibility change and depend on the full application, the property and the lender's underwriting. Chris Harris, NMLS #2011725 · Best Finance, a DBA of NEXA Mortgage LLC, NMLS #1660690 · 600 Cleveland St Ste 248, Clearwater, FL 33755 · Equal Housing Opportunity.
Frequently asked questions
Can I get a mortgage with only 1099 income?
Yes. 1099-only programs qualify you on one or two years of 1099 forms plus proof of year-to-date earnings, without tax returns. They are non-QM loans, so the rate is higher than conventional, but the income usually comes out much higher than your tax return shows.
How do lenders calculate 1099 income?
Your 1099 total minus an expense factor, divided by the months it covers. Some lenders apply a fixed 10% expense factor. Others use the expense factor you state in writing, capped so they count no more than 90% of the 1099. A few send any file showing expenses above 20% to a different program.
Does it matter if I get a 1099-K instead of a 1099-NEC?
Yes. A 1099-K from a rideshare, delivery or card platform usually reports the gross fares, including the platform’s cut. Underwriters can read your platform’s annual summary and qualify you on what you actually received. Not every lender’s guideline addresses the 1099-K, so the lender is confirmed in writing before a pre-approval.
How long do I need to have been a 1099 contractor?
Two years in the same line of work is the usual rule. Some lenders accept 18 months self-employed with three years in the same field, or 12 months for a licensed profession, with a higher score and lower loan-to-value.
What credit score and down payment do 1099 loans need?
Most start around 660. At strong scores some lenders lend up to 85% or 90% of the price on a primary home; at 660 expect about 80%. Debt-to-income usually tops out at 50%, often 45% for first-time buyers.
Sources
- IRS, Form 1099-NEC and 1099-K — what a 1099-K reports (gross payment card and platform transactions)
- CFPB, Regulation Z §1026.43 (ability-to-repay)
Paid on a 1099 in Tampa Bay?
Send me your last 1099s and I’ll tell you what they qualify for, with a soft credit check.
See my optionsOr call or text Chris directly: (813) 582-7432