Non-QM
1099 Only Mortgages in Chicago, IL
Secure your 1099 Only Mortgages in Chicago with a lender who understands the local landscape. We serve all of Cook County, including Wicker Park and Lake View, offering fast approvals and personalized service.
Key Facts About 1099 Only Mortgages
CMRE bank statement loans use 12 or 24 months of deposits instead of tax returns.
Bank statement loans from CMRE serve self-employed borrowers and business owners.
CMRE bank statement programs accept personal or business account statements.
Bank statement loans at CMRE offer loan amounts up to $5 million.
CMRE bank statement rates are competitive with traditional full-documentation programs.
CMRE is a high-volume Non-QM lender for 1099 Only Mortgages.
CMRE offers 10+ documentation options for 1099 Only Mortgages.
CMRE 1099 Only Mortgages closes in 21-35 days.
Program Benefits
Streamlined qualification process for 1099 earners.
Competitive interest rates starting at 7.5%.
Ideal for self-employed individuals and independent contractors.
Avoid the hassle of providing extensive income documentation.
Access loan amounts tailored to your needs.
Opportunity to purchase or refinance a property with greater ease.
Program Highlights
Max LTV
80%
Min Credit Score
660
Max DTI
55%
Loan Amount Range
$100K - $3M
Amortization Options
Eligible Properties
- Single Family
- Condo
- Townhouse
- Multi-Family (1-4 units)
Program Requirements
Income Documentation
- •12-24 months of 1099 income history.
- •Verification of consistent self-employment income.
- •Review of business expenses and deductions.
- •Consideration of overall financial stability.
Asset Verification
- •Sufficient funds for down payment and closing costs.
- •Verification of liquid assets, such as savings and investments.
- •Review of asset statements to assess financial strength.
- •May require reserves depending on loan amount and LTV.
Insurance & Title
- •Homeowners insurance to protect the property.
- •Flood insurance if the property is in a designated flood zone.
- •Title insurance to protect against title defects.
- •Proof of insurance coverage prior to closing.
Property Requirements
- •Minimum FICO score of 660.
- •Review of credit history for any adverse events.
- •Demonstrated history of responsible credit management.
- •Lower rates may be available for borrowers with higher credit scores.
1099 Only Mortgages in Chicago: The Complete Guide
What Is 1099 Only Mortgages?
As a 1099 contractor, your income verification differs from that of a W-2 employee. Lenders need to assess your net income after business expenses to determine your ability to repay the loan. This typically involves analyzing your tax returns and bank statements to establish a consistent income history. Our 1099 Only Mortgage program is designed to simplify this process, allowing for more flexible income documentation.
Who Qualifies for 1099 Only Mortgages?
- •Self-employed borrowers with strong cash flow but complex tax returns.
- •Real estate investors qualifying on rental income (DSCR) rather than personal income.
- •Foreign nationals and ITIN holders purchasing US property.
- •Borrowers with recent bankruptcy, foreclosure, or short sale.
- •Retirees and high-net-worth individuals qualifying on assets.
- •Commission-based, 1099, and gig economy workers.
CMRE Documentation Options for 1099 Only Mortgages
- •Bank Statement: 12-24 months personal or business (residential + commercial).
- •P&L: CPA-prepared profit & loss for FHA and conventional.
- •VOE-Only: employer verification — no pay stubs, no tax returns.
- •DSCR: property rental income — zero personal income documentation.
- •Asset Depletion: liquid assets / 360 months = qualifying income.
- •Cross-collateral: leverage existing property equity.
Apply for 1099 Only Mortgages with CMRE
- •Step 1: Describe your situation — CMRE identifies the best program.
- •Step 2: Gather program-specific docs (bank statements, P&L, 1099s, etc.).
- •Step 3: Pre-approval within 24-48 hours.
- •Step 4: Appraisal and processing.
- •Step 5: Close in 21-35 days with CMRE's dedicated Non-QM team.
Current Mortgage Rates
30-Year Fixed Rate
6%
as of 3/5/2026 · FRED
15-Year Fixed Rate
5.43%
as of 3/5/2026 · FRED
Rates are national averages and may differ from your actual rate. Contact us for a personalized quote.
Get Your Rate →1099 Only Mortgages in Chicago, IL
Chicago mortgage lending for Cook County. Conventional, FHA, jumbo, and investment property programs. Custom Mortgage & Real Estate specializes in providing high-fidelity 1099 Only Mortgages solutions tailored to the unique economic landscape of Chicago and the surrounding Cook County.
Our FinTech-driven approach allows us to offer competitive rates and streamlined processing for homeowners and investors across the entireChicago metropolitan area.
Service Areas & Neighborhoods
Our Chicago Presence
Local Knowledge. Global Rates.
16501 Ventura Blvd STE 400
Encino, CA 91436
Direct Line
877-976-5669Common Questions About 1099 Only Mortgages in Chicago
What are current 1099 Only Mortgages rates in Chicago, IL?
1099 Only Mortgages rates in Chicago depend on loan amount, credit profile, and property type. CMRE publishes updated Chicago rate ranges daily and provides locked quotes within 24 hours of application.
How long does 1099 Only Mortgages closing take in Chicago?
CMRE typically closes 1099 Only Mortgages loans in Chicago within 21-30 days from application. Pre-approval takes 24 hours, and our IL-licensed team coordinates title, escrow, and appraisal concurrently to save time.
Can self-employed borrowers get 1099 Only Mortgages in Chicago?
Yes. CMRE 1099 Only Mortgages programs serve self-employed Chicago borrowers using 12-24 months of bank statements instead of tax returns. Business owners, freelancers, and gig workers in Cook County qualify under non-QM guidelines.
What documentation does 1099 Only Mortgages require in Chicago?
1099 Only Mortgages through CMRE requires alternative documentation instead of traditional tax returns. Options include bank statements, 1099 forms, asset verification, or profit & loss statements. Our Chicago team guides you through the most favorable documentation path.
Application Process
Six simple steps from application to funding
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Application
Complete our streamlined online application form with your financial information
Document Review
Submit required documentation for verification and processing
Pre-Approval
Receive conditional approval and loan terms based on your profile
Title & Escrow
Open escrow and complete title search and insurance requirements
Appraisal & Final Review
Property appraisal completed and final underwriting approval received
Funding
Sign final documents and receive your loan funds
Why Choose Custom Mortgage?
Your trusted partner in real estate financing
Extensive Experience
Over 25 years of proven expertise in mortgage lending and real estate financing
Comprehensive Loan Options
Wide range of programs from conventional to specialized non-QM and hard money solutions
Nationwide Coverage
Licensed in multiple states with the ability to fund loans across the country
Flexible Solutions
Customized financing options for unique situations that traditional lenders decline
Competitive Rates
Access to wholesale pricing and volume discounts passed directly to our clients
No Upfront Fees
Transparent pricing with no application fees or upfront costs to get started
Frequently Asked Questions
Typically, you'll need to provide 1-2 years of 1099 tax returns, bank statements, and asset statements. We may also request additional documentation to verify your income and financial stability. Our team will provide a detailed checklist to help you gather the necessary documents.
The minimum FICO score is 660. However, a higher credit score may qualify you for a lower interest rate.
The maximum LTV is 80%, meaning you'll need a down payment of at least 20%.
The 7.5% is a starting rate. Actual rates may vary depending on your credit score, loan amount, and other factors. We offer both fixed-rate and adjustable-rate options.
No. Non-QM refers to documentation method, not credit quality. Fully regulated and compliant.
Varies: bank statement 660+, DSCR 660+, asset depletion 680+, recent credit event 620+.
Yes, 0.5%-2% higher than conventional. Tradeoff is flexibility for non-traditional qualification.
Yes. DSCR and bank statement are most popular for investors. No property count limit, LLC vesting available.
1099 Only Mortgages by Location
Get local rates, loan limits, and market data for 1099 Only Mortgages in your area.
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View county-level market data, loan limits, and mortgage rates on our territory pages.
Browse All Territories →TESTIMONIALS
Success stories from families and investors across the nation who achieved their goals with CMRE.
"I've been working with Custom Mortgage and Real Estate for over five years now, and they've totally helped me get through a bunch of tricky transactions. Their team is super helpful all the way through, making sure everything goes off without a hitch. I seriously recommend Custom Mortgage to anyone who needs financing or a solid real estate broker."
RENE M
"I just worked with Custom Mortgage and Real Estate, and seriously, I can't recommend them enough. They have helped my family and me with a bunch of transactions, always receiving results that nobody else could. Their team is super responsive and really experienced, which made everything go through smoothly with no stress at all."
ARTHUR G
"As an investor in real estate and an agent, I totally count on Custom Mortgage and Real Estate for my deals since they've got loads of experience. They have these unique programs that I just can't find anywhere else, and it really gives me an advantage. After researching a number of companies, the offers from Custom Mortgage were the best out there."
