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Mortgage glossary
1099 Loan
A loan option that may use one or more Forms 1099 to help document income for an independent contractor or self-employed person. The lender may ask for tax returns, bank statements, business records, or other documents. Requirements vary by program.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.