Our rates are low, our application is quick and easy! We can get you clear to close in as little as 10 days!
NMLS ID # NMLS # 228246
William Rapp, based in Houston, TX, US, is currently a Capital Advisor at Medallion Funds, bringing experience from previous roles at eXp Commercial, NEXA Mortgage, Viking Enterprise LLC and Sun Realty - Houston. William Rapp holds a 1997 - 2001 BBA in Finance @ Texas A&M University. With a robust skill set that includes REO, Sellers, SFR, FHA financing, Reverse Mortgages and more, William Rapp contributes valuable insights to the industry.
Great experience purchasing our first home! Bill was easy to reach and always able to answer any questions or concerns.
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💼 W-2 vs. 1099 Income: How It Impacts Your Mortgage Approval 🏡
📊 Self-Employed or Salaried? What Lenders Look for in Your Income 💸
💼 W-2 vs. 1099 Income: How It Affects Your Home Loan
When it comes to buying a home, how you earn your income matters—a lot. Whether you're a salaried W-2 employee or a self-employed 1099 contractor can drastically change the mortgage process and the documentation you'll need.
W-2 income is often seen as more stable and predictable, which makes it easier to verify. Lenders typically only need:
· Your last two years of W-2s
· 30 days of pay stubs
· Recent bank statements
If your employment is consistent, you’re usually approved quicker with fewer hurdles.
Self-employed borrowers or independent contractors are usually paid with 1099s. That means lenders will ask for:
· 2 years of personal and business tax returns
· Profit & loss statements
· Business bank statements
· Possibly a CPA letter
Lenders want to see that your income is consistent and sustainable over time. This can lead to more documentation and a longer underwriting process.
Absolutely. In fact, many lenders (including us at Medallion Mortgage) offer bank statement loans or non-QM products that cater specifically to 1099 workers. These programs allow you to qualify without tax returns, focusing instead on your cash flow.
Criteria
W-2 Borrowers
1099 Borrowers
Docs Required
W-2s + Pay Stubs
Tax Returns + P&L + Bank Statements
Approval Time
Faster
Longer
Income Scrutiny
Minimal
High
Program Options
Conventional, FHA, VA
Bank Statement, DSCR, Non-QM
Whether you’re clocking in or running your own business, you can buy a home. You just need the right mortgage strategy—and the right broker to guide you.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
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Copyright ©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/
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