Mortgage Loans for 1099 Employees: How to Get a Mortgage When You’re Self-Employed
Traditionally, self-employed individuals — also referred to as 1099 employees — have faced challenges in securing a mortgage loan to finance the purchase of a home or refinance an existing mortgage loan. But now, the increased pervasiveness of self-employment and the gig economy have influenced lenders’ attitudes to make mortgage loans for 1099 employees easier to access.
Home Mortgage Disclosure Act (HMDA): Protection for Borrowers
The Home Mortgage Disclosure Act (HMDA) is a federal law that requires mortgage lenders to keep records of key pieces of information regarding their lending practices.