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1099 Only Cash Out Refinance

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1099 Only Cash Out Refinance

A Cash Out Refinance Built for 1099 Earners Across Georgia

A 1099 only cash out refinance replaces your current mortgage with a new, larger loan and puts the difference in your pocket as cash, and it qualifies you on your 1099 forms instead of tax returns. That matters for independent contractors whose write offs make tax returns understate what they really earn. No W2s, no tax returns, no employer to verify. Based in Atlanta, our team walks self employed homeowners throughout Georgia through the numbers phone first.

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Atlanta based, serving self employed homeowners across Georgia.

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The Six Things to Know First

What is a 1099 only cash out refinance?

A refinance that replaces your current mortgage with a new, larger loan and gives you the difference in cash, using your 1099 forms as income documentation instead of tax returns or W2s. It is a non QM loan, which means it follows lender program guidelines rather than conventional agency rules.

Who is it built for?

Self employed people and independent contractors who receive 1099s, generally with at least two years of self employment. Realtors, consultants, owner operators, and other contractors whose tax write offs shrink the income their returns show.

How is my income calculated?

From the gross income on your 1099 forms, minus a modest fixed expense factor, often around ten percent, depending on the program. You also show the income is continuing, typically with year to date documentation such as recent bank statements.

How much cash can I get?

It depends on your equity. Programs generally allow a new loan up to 80 percent of your home's value on a primary residence, with your credit score and loan size setting the exact ceiling. Whatever remains after paying off your current mortgage and closing costs is yours.

Do my write offs count against me?

No, and that is the point. The program starts from your gross 1099 income rather than the taxable income left after deductions, so maximizing write offs at tax time does not shrink your qualifying income here.

What should I compare before refinancing?

Your current rate against the new one, the closing costs, the new payment, and the alternatives, especially a HELOC or home equity loan that leaves your current first mortgage untouched. We walk through all of it with you before you decide anything.

Equity Review

Review Your Available Equity and New Payment Over the Phone

Before any cash out refinance makes sense, two numbers need to be real: how much cash your equity can actually produce, and what the new payment looks like next to your current one. We walk through both with you in one call, along with how your 1099 income is calculated, so you can see whether the trade genuinely works in your favor.

A phone review is not a loan application and is not a commitment to lend. Available cash and final terms depend on your complete situation and the active program guidelines.

What to expect

  • Free and no obligation
  • No documents needed for the first conversation
  • A clear estimate of your qualifying 1099 income
  • Your equity, your cash, and your new payment side by side
Call 404.919.5533 Talk With A Loan Expert
  • Clear numbers before you decide
  • Honest answers, including when not to refinance
  • Atlanta based team serving homeowners across Georgia

Who It May Fit

Homeowners Who Often Consider a 1099 Cash Out Refinance

The common thread is simple: real 1099 income, real equity, and a reason to believe the cash genuinely improves your position.

See where your equity stands

  • 1099 contractors whose tax returns understate their real incomeWrite offs lower your taxable income, which is good at tax time and bad at the mortgage desk. This program starts from your gross 1099 income instead.
  • Self employed homeowners with at least two years of 1099 historyPrograms generally require two years of self employment, with the business or contracting work in existence at least two years.
  • Homeowners with meaningful equity and a real use for the cashDebt consolidation, a business investment, a renovation, or another purpose with a plan behind it, not just cash because it is available.
  • Realtors, agents, and commission based professionalsCommission income lands on a 1099, and the deductions that come with the work often make tax returns a poor picture of a strong year.
  • Owner operators and skilled trades paid on 1099Truck drivers, contractors, and tradespeople whose equipment and expense deductions shrink the income their returns show.
  • Homeowners who want the comparison done honestlyIf a HELOC, a conventional refinance, or keeping your current loan wins, we tell you that plainly and you keep your current loan.

Being in one of these groups does not guarantee eligibility or approval. Every loan depends on the complete situation and the active program guidelines.

An Honest Look

When a 1099 Cash Out May Not Be the Right Move

Access to cash does not automatically make taking it the best financial decision. Here is when to pause.

  • Your tax returns already support your incomeDocumentation flexibility is generally priced into the rate. If your returns qualify you the conventional way, a full documentation cash out may cost less.
  • You have less than two years of 1099 self employmentPrograms generally require two years. Other documentation paths, such as bank statement programs, may fit a shorter history.
  • You do not have enough equityWith the new loan generally capped near 80 percent of your home's value, thin equity produces thin cash once your current loan and the costs are paid.
  • You need a smaller amount and your current rate is strongA cash out refinance reprices your entire balance. A HELOC or home equity loan can leave a good first mortgage untouched.
  • You bought the home very recentlyCash out generally requires at least six months of ownership, measured from your purchase or your last cash out, with exceptions considered case by case.
  • You are consolidating debt without changing what created itRolling credit cards into your mortgage converts unsecured debt into debt secured by your home. If the balances rebuild, you carry both.
The goal is not to cash out every homeowner with equity. The goal is to compare the paths honestly and only move forward when the numbers genuinely serve you.
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The Full Picture

Potential Benefits, Weighed Against Real Considerations

Potential Benefits

  • Qualify on your 1099 forms, with no tax returns or W2s required
  • Gross 1099 income is the starting point, so write offs do not count against you
  • Cash out up to 80 percent of your home's value on a primary residence, depending on credit score and loan size
  • Loan amounts generally from $125,000 up to $3,000,000
  • Credit scores as low as the low 600s may be considered on smaller loans, at reduced maximum loan to value
  • Little or no reserve requirement at lower loan to value levels on some programs, and cash out proceeds may help satisfy what applies
  • A recent late mortgage payment does not automatically disqualify you, though it affects available terms
  • Primary residences, second homes, and investment properties may be eligible

Important Considerations

  • Non QM rates generally run higher than conventional full documentation rates
  • Your loan balance grows, and your payment is recalculated on the larger amount
  • Closing costs are real, and they reduce your cash in hand or increase the balance
  • Resetting the loan term can increase the total interest paid over the life of the loan
  • Cash out converts equity you own into debt secured by your home
  • Generally two years of self employment, with the business in existence at least two years
  • Lower credit scores and larger loan amounts reduce the maximum loan to value, and very large cash amounts may be capped
  • Cash out generally requires at least six months of ownership

This section is for education, not product promotion. Program figures reflect active lender guidelines, vary by scenario, and change without notice. Whether a cash out refinance serves you depends on your complete situation, and refinancing may increase your total finance charges over the life of the loan.

The Heart of the Decision

Your Equity Before and After the Refinance

A cash out refinance is a trade: equity you have built becomes cash in hand, and a larger loan takes its place. These are the numbers that define the trade, and they are exactly what we walk through with you on the phone.

Your home's current value
Everything starts with the appraisal. The appraised value sets the ceiling for the new loan, and metro Atlanta values can differ meaningfully from what an online estimate suggests.
Your current balance, and your equity today
The difference between what the home is worth and what you owe is the equity you are working with. This is the before picture.
The maximum new loan
Programs generally cap the new loan near 80 percent of the home's value on a primary residence, with your credit score and loan size setting the exact ceiling. The rest of your equity stays in the home.
The cash you actually receive
The new loan pays off your current mortgage and the closing costs first. What remains is your cash in hand, and very large amounts may be capped at higher loan to value levels.
Your new payment against your old one
A larger balance and a different rate mean a different payment. If you are consolidating debts, the honest comparison includes the payments that go away and the years the new loan runs.
The equity that remains
The after picture. A smaller cushion changes what a future sale nets you and how much room you have if values move. Taking the cash you need rather than the maximum available protects it.
Review My Cash Out Options Call 404.919.5533

Want to run rough numbers yourself first? Our refinance calculator compares a current loan to a new one on figures you enter, including a cash out amount. Keep in mind that non QM rates differ from the conventional rates you may see advertised, so treat the output as a starting point and let us confirm realistic figures for your scenario.

Honest Math

What a 1099 Cash Out Refinance Costs, and What the Cash Really Costs

Refinancing is never free, and borrowed cash is never free either. Here is where the costs come from and how to think about them.

Closing costs come out of the deal

A cash out refinance involves closing costs like any refinance, and in Georgia that includes an attorney conducted closing. Costs may be paid at closing or taken from your proceeds. Either way they reduce the cash you walk away with or increase the balance you carry, so they belong in the math from the first conversation.

The price of documentation flexibility

A non QM loan that qualifies you without tax returns generally carries a higher rate than a conventional full documentation loan. That premium is the cost of the flexibility. If your tax returns already support your income, we will tell you plainly that the conventional path may cost less, because steering you into the more expensive loan is not how we work.

What borrowed cash costs over time

Cash from a refinance is not income. It is borrowed money that accrues interest for the life of the loan. If you are consolidating debts, a lower total monthly payment can be real relief, but stretching short term balances across a long mortgage term can increase what they cost in total. We put both numbers in front of you, the monthly and the lifetime, so the decision is made with eyes open.

The term reset question

A new loan generally means a new term. Even when the payment works, restarting the clock can increase the total interest paid over the life of the loan. The equity before and after review puts this number in front of you so nothing is hidden in the fine print.

Compare Your Paths

1099 Cash Out, a HELOC, or Keep Your Current Loan

Three legitimate paths. No path is best for everyone, and keeping the loan you have is sometimes the right answer.

Criteria 1099 Cash Out Refinance
You Are Viewing This Program		 HELOC or Home Equity Loan Keep Your Current Loan
Best suited for 1099 earners with equity who want a substantial lump sum and cannot, or prefer not to, document income with tax returns Homeowners with a strong first mortgage rate who want smaller or flexible access to equity Homeowners whose goals do not genuinely require new debt
Cash from equity One lump sum at closing A line you draw as needed, or a fixed second loan None
Income documentation 1099 forms plus year to date support, no tax returns or W2s Varies by lender; many still require tax returns for self employed borrowers None
Effect on your current mortgage Replaces it entirely, and the whole balance takes the new rate Leaves it in place and adds a second lien Unchanged
Costs Closing costs on a full refinance of the larger balance Generally lower upfront costs, but HELOC rates are often variable None
Primary advantage Qualifies on real world 1099 income, one loan and one payment Keeps a good first mortgage rate untouched Zero cost and zero risk of a bad trade
Potential tradeoff Non QM pricing on the entire new balance, and a larger loan against your home A second payment, often at a variable rate, and self employed qualification can still be a hurdle The equity stays locked up and the original goal goes unfunded
Check My Cash Out Options Explore HELOC Sometimes the honest answer

Scroll sideways to see all columns on smaller screens.

Not sure which path fits? Talk With A Loan Expert

Your Path

How the 1099 Cash Out Process Works

  1. Talk Through Your Income and Your Goal

    A short conversation about your 1099 work, your current loan, and what the cash is for.

  2. Calculate Your Qualifying Income

    Your 1099s and year to date support produce a real qualifying number before you commit to anything.

  3. Review Your Equity and Loan Structure

    The appraisal, the maximum loan, your cash in hand, and the new payment, laid out side by side.

  4. Application and Processing

    The paperwork moves while you keep living your life. We keep you posted at every step.

  5. Review Final Numbers and Close

    The final figures are confirmed before you sign. On a primary residence, federal law provides a short cancellation period after closing before funds are released.

  6. Keep Paying Until Your Servicer Confirms

    Continue making your current mortgage payments until you receive confirmed instructions from your servicer. Never assume a payment is skipped.

Be Prepared

Documents and Information You May Need

No tax returns and no W2s, but not nothing either. Your loan expert will confirm exactly what applies to you.

  • One or two years of 1099 forms, depending on the program
  • Year to date proof your income is continuing, such as your two most recent bank statements
  • Your current mortgage statement
  • Government issued photo identification
  • Homeowners insurance information
  • Evidence your business or contracting work has been active for at least two years, if requested
  • Information about any second lien on the property
  • Additional items based on lender and investor requirements
See What Applies to Me

Real World Context

Three Common 1099 Borrower Scenarios

Educational examples only. They show how the thinking works, not how any specific loan will be decided.

Educational Example 01

The Realtor Whose Best Year Doesn't Show on Paper

The situation
A real estate agent has had two strong commission years, all on 1099s. Between mileage, marketing, brokerage fees, and every other legitimate deduction, the tax returns show a fraction of what actually came in. High rate credit card balances built up during a slower stretch, and the agent wants to consolidate them using home equity.
Why a 1099 cash out may be considered
The program starts from gross 1099 income rather than the taxable income left after deductions, so the qualifying number reflects the real production, not the tax strategy.
What still needs review
The full cost of the refinance against the interest being escaped, the equity that remains afterward, and whether the consolidated payment genuinely improves the monthly picture without stretching short term debt too far.
When another path could fit better
If the tax returns actually do support the income, a conventional full documentation cash out may price better, and we will say so before anything moves forward.

Educational Example 02

The IT Contractor Paid by One Company

The situation
A technology consultant has contracted with the same company for several years, paid steadily on a 1099. A traditional lender treats the arrangement as fragile because there is no W2, even though the income has been more consistent than many salaries. The contractor wants cash for a major renovation.
Why a 1099 cash out may be considered
Years of 1099s from the same payer, supported by year to date bank statements showing the deposits continuing, make a strong picture of stable income under this program's documentation rules.
What still needs review
The continuing income documentation, the equity available at the program's loan to value ceiling, and whether the new payment fits comfortably alongside the renovation plans.
When another path could fit better
If the project is smaller and the current first mortgage carries a strong rate, a HELOC may fund the work without repricing the whole balance.

Educational Example 03

The Owner Operator With Strong 1099s and Heavy Deductions

The situation
A truck owner operator earns well on 1099s from carriers, but fuel, maintenance, insurance, and depreciation deductions leave the tax returns showing very little. The goal is cash to pay down equipment debt and put working capital behind the business.
Why a 1099 cash out may be considered
Qualifying income is calculated from the gross 1099 figures with a modest fixed expense factor, so the deductions that make sense at tax time do not erase the borrowing power here.
What still needs review
Whether the new mortgage payment fits the real month to month cash flow of the business, the seasoning and reserve requirements that apply, and what the equity cushion looks like after the cash comes out.
When another path could fit better
If income arrives from many sources as deposits rather than clean 1099s, a bank statement program may document the picture better, and that is a different conversation we are glad to have.
See Where My Equity Stands

Your situation is its own scenario. Let us look at it together.

Protect Yourself

Cash Out Advertising Targets Homeowners With Equity. Read This First.

Homeowners with equity receive a steady stream of mailers, calls, and ads pushing cash out refinances, and self employed homeowners hear the pitch even harder. Some offers are legitimate. Many are not. Here is how to tell the difference before you respond to anything, including anything from us.

Warning signs

  • Payment comparisons that stack your mortgage against every monthly bill without mentioning the term behind the new payment
  • Pressure to take the maximum cash available rather than the amount you actually need
  • Repeated invitations to refinance again soon after your last one, a pattern called loan flipping
  • Guaranteed approval or guaranteed cash regardless of your situation
  • Cash first marketing that never mentions the new, larger loan is secured by your home

What honest looks like

  • The new balance, the new term, and the total cost of the cash stated together
  • Costs shown plainly, including what comes out of your proceeds
  • A genuine comparison against a HELOC, a home equity loan, and doing nothing
  • A willingness to tell you when keeping your current loan wins
  • A conversation about the cash you need, not the maximum the program allows

Local Guidance

1099 Cash Out Guidance for Georgia and Atlanta Metro Homeowners

Layer One: Georgia Statewide

What Georgia self employed homeowners should know

Two practical points come up in almost every Georgia refinance conversation with a self employed borrower.

First, Georgia is an attorney closing state. Your refinance closes with a licensed Georgia closing attorney rather than a title or escrow company alone, and the attorney's role is part of the closing costs we walk through with you upfront. It is a normal part of every Georgia closing, not an extra imposed on your loan.

Second, your business paper trail matters more than it does for a W2 borrower. Programs generally want to see that the business or contracting work behind your 1099s has been in existence for at least two years, and keeping your business registration and any professional licensing current makes that easy to demonstrate. If your records live in a shoebox, the phone review is a good moment to talk through what will actually be needed.

Layer Two: Atlanta, Our Home Market

An Atlanta based team that reviews 1099 income every week

UHome Mortgage is headquartered in Atlanta, and the metro is where our team reviews self employed income every week. The 1099 conversations here have a pattern, and it shapes what we look at first.

Atlanta runs on independent work. The agents and brokers moving metro real estate, the consultants and technology contractors serving the corporate hubs, the production crews, the owner operators moving freight through one of the busiest logistics corridors in the country, most of them are paid on 1099s, and most of them have been told at some point that their tax returns disqualify them from the equity in their own homes. That is usually the moment they find us.

The other recurring theme is the purpose of the cash. In our experience the strongest files walk in with a plan: consolidate specific debts, fund a specific project, put working capital behind a business that is already earning. When our team runs your numbers, the plan is part of the review, because cash with a purpose is easier to defend than cash because it was available.

Layer Three: Official Resources

Official resources for Georgia self employed borrowers

These official offices handle the registration, tax, and licensing records that often come up when documenting self employment history.

Georgia Secretary of State Georgia Department of Revenue Georgia Department of Banking and Finance IRS Self Employed Center

Good Questions

1099 Cash Out Questions, Answered Plainly

What is a 1099 only cash out refinance?

A refinance that replaces your current mortgage with a new, larger loan and gives you the difference in cash, using your 1099 forms as income documentation instead of tax returns or W2s. It is a non QM loan, which means it follows lender program guidelines rather than conventional agency rules.

How is my income calculated from my 1099s?

Programs generally start with the gross income shown on your 1099 forms and subtract a modest fixed expense factor, often around ten percent, rather than using the taxable income left after your write offs. You also document that the income is continuing, typically with year to date support such as your two most recent bank statements.

Do I need tax returns or W2s?

No. The program is built specifically for borrowers who document income with 1099 forms instead of tax returns or W2s. That is the core difference from a conventional cash out refinance, and it is why heavy write offs on your returns do not shrink your qualifying income here.

How long do I need to be self employed?

Generally at least two years, with the business or contracting work in existence for at least two years. If you have less history than that, other documentation paths may fit, and we can walk through them with you.

How much cash can I take out?

It depends on your equity, your credit score, and the loan size. Programs generally allow a new loan up to 80 percent of your home's value on a primary residence, and whatever remains after paying off your current mortgage and closing costs comes to you as cash. Very large cash amounts may be capped at higher loan to value levels.

What credit score do I need?

Programs vary. Scores as low as the low 600s may be considered on smaller loan amounts, though lower scores reduce the maximum loan to value, and stronger scores unlock higher ceilings. A recent late mortgage payment does not automatically disqualify you, but it affects the terms available.

Can I use a 1099 cash out refinance on a rental property?

Investment properties and second homes may be eligible at reduced maximum loan to value levels compared to a primary residence. Investment property loans often carry a prepayment penalty depending on the program and the state, which is something we review with you before anything moves forward.

Will my rate be higher than a conventional refinance?

Generally yes. The documentation flexibility of a non QM loan is priced into the rate. If your tax returns already support your income, a conventional full documentation cash out may cost less, and we will tell you that plainly rather than steer you into the more expensive path.

Is there a waiting period after buying my home?

Generally you need at least six months of ownership before a cash out refinance, measured from your purchase or your last cash out. Shorter timelines are sometimes considered case by case with additional restrictions, so it is worth a conversation rather than an assumption.

Still have a question? Call 404.919.5533 or Talk With A Loan Expert.

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Sources

Guideline Sensitive Information on This Page Is Checked Against These Sources

Sources and References

Reviewed by Coby Pegues, Founder and President, UHome Mortgage LLC, NMLS 2556341. Last reviewed August 2026.

Keep Learning

Cash Out Refinance Bank Statement Refinance DSCR Refinance Self Employed Loans Refinance Calculator Mortgage Rates HELOC Rate and Term Refinance

Your Next Step

Let's Find Out What Your 1099s and Your Equity Can Do

Share a few details about your income and your current loan. UHome will calculate your qualifying 1099 income, walk through your equity and your new payment, and tell you honestly whether the cash out wins or another path keeps the crown.

Check My Options Talk With A Loan Expert Call 404.919.5533
  • No commitment
  • Clear next steps
  • The numbers explained before you proceed

Disclosures

General mortgage disclosure

This page is for educational purposes and is not a commitment to lend. Program requirements may vary. Eligibility depends on the complete borrower profile and applicable lender and investor requirements. Refinancing may increase the total finance charges paid over the life of the loan.

Program disclosure

A 1099 only cash out refinance is a non QM loan program underwritten to lender program guidelines rather than agency rules. Program figures referenced on this page, including maximum loan to value, minimum credit scores, loan amounts, reserve requirements, and seasoning, reflect active lender program guidelines as of August 2026, vary by program and scenario, and may change without notice. Cash out proceeds increase your loan balance, and consolidating other debts into your mortgage converts unsecured debt into debt secured by your home. Approval and savings are not guaranteed. Continue making payments on your current mortgage until you receive confirmed instructions from your servicer.

Licensing information

Coby Pegues, NMLS #2556341 · UHome Mortgage LLC, Company NMLS #2559453

Licensed in Georgia, Alabama, and Texas.

Equal Housing Opportunity

Equal Housing Opportunity.

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