A 1099 only mortgage is a type of mortgage loan that is designed for self-employed borrowers who receive 1099 forms instead of W-2 forms to report their income.

Self-employed borrowers may have difficulty qualifying for a traditional mortgage because their income can be more difficult to document than that of someone who receives a regular salary. However, a 1099 only mortgage takes into account the borrower's income as reported on their 1099 forms, which can make it easier for self-employed borrowers to qualify for a mortgage.

With a 1099 only mortgage, the lender will typically require the borrower to provide at least two years' worth of 1099 forms to demonstrate a consistent source of income. The lender may also require additional documentation, such as bank statements or tax returns, to verify the borrower's income and expenses.

It's important to note that 1099 only mortgages may have higher interest rates and fees than traditional mortgages, as lenders view self-employed borrowers as higher risk. Borrowers should carefully consider the costs and risks before deciding whether a 1099 only mortgage is right for them. It's also important to work with a lender who has experience working with self-employed borrowers to ensure a smooth application process.