1099 mortgage loans for truck drivers

Is this you?

• You're a contract driver paid on a 1099-NEC, driving equipment you don't own
• You're leased on to a carrier and most of your pay comes from one or two companies
• Your 1099s are consistent year to year, but your Schedule C knocks the number way down
• You recently switched from W-2 to 1099 with the same type of driving work

How qualifying works

The lender adds up the income on your 1099s, typically for the most recent one or two years, and applies a flat expense factor. Some programs use a factor around 10%, which means about 90% of your 1099 income counts toward qualifying. Others review recent bank statements to confirm the deposits match.

Here's the trucker-specific catch most loan officers miss: if you're a leased-on owner-operator, your 1099 often shows gross revenue before fuel, the truck payment, insurance, and maintenance come out. A 10% expense factor doesn't fit a business that spends half its revenue on diesel, so lenders may treat that file differently. In those cases a bank statement or P&L program is usually the better tool, and we'll tell you so up front.

If you're a contract driver whose 1099 is mostly take-home pay, a 1099-only program can be one of the cleanest paths to a mortgage.

Worked example: contract driver (no truck ownership)

Most recent year 1099-NEC income	$92,000
Expense factor applied (example program)	10%
Annual qualifying income	$82,800
Monthly qualifying income	$6,900
Net income on the same driver's Schedule C	$61,000

Illustration only. Expense factors, how many years are required, and how a lender treats gross freight revenue vary by program.

What you'll typically need

• Your 1099 forms for the most recent one or two years
• A written verification or recent statements showing the income is continuing (lender specific)
• Recent bank statements showing the payments arriving
• Your lease agreement or contractor agreement with the carrier
• Photo ID and asset statements for the down payment and reserves

Typical guidelines

Every lender sets its own rules. These are common patterns, not promises, and they change. We match your file to the lender whose guidelines fit it best.

• Credit: many programs start around 620
• History: one to two years of 1099 income, often with the same payer or the same line of work
• Expense factor: a fixed percentage set by the lender
• DTI: some programs allow up to around 50%
• Reserves: commonly a few months after closing

1099 Loans: common questions

Non-QM programs are not available in all states and are subject to credit approval, income and asset verification, and appraisal. Guidelines shown are typical illustrations and vary by lender. This is not a commitment to lend. Matador Lending, NMLS #2072896. Equal Housing Opportunity.