The standard route
On the standard route your tax returns show 1099 income after the write-offs you take, and write-offs that lower your tax bill can also lower the income a lender counts.
Documents checklist
Morris Township, Morris County
Paid on commission: mortgages for Morris Township, NJ salespeople
For Morris Township buyers and owners whose pay is commission, on a W-2 or on 1099 forms: how a lender reads income that moves, what the history behind it shows, and which program fits how you are paid. Fidelity Residential is a direct, licensed mortgage lender with a New Jersey office on Route 36 in West Long Branch, in Monmouth County, and we lend across New Jersey.
- Direct, licensed mortgage lender
- NMLS #103098
- Equal Housing Lender
How are you paid?
Pick the closest, or call and talk it through.
Fidelity Residential · NMLS #103098 · Equal Housing Lender
Morris Township housing
Settled owners, many in sales
Morris Township, a separate municipality from the Town of Morristown, has about 23,400 residents and about 8,700 homes in the American Community Survey’s 2020 to 2024 estimates.
About 1,700 employed residents, an estimated 14.2 percent, work in sales and related occupations. Mortgages are on an estimated 65.6 percent of about 7,300 owner-occupied homes, about 4,800 in all. The median owner-occupied home is valued at about $765,100 in the same estimates.
Fidelity Residential is a direct mortgage lender licensed in New Jersey under a Residential Mortgage Lender License. Our office is at 121 NJ-36, Suite 230, West Long Branch, in Monmouth County; we do not have an office in Morris Township, and we lend across New Jersey.
The homes
- Owned homes: an estimated 85.9 percent of those occupied
- Detached homes: an estimated 72.0 percent of the housing
- Townhouses and attached houses: an estimated 14.0 percent of homes
- From the 1950s and 1960s: an estimated 36.9 percent of homes
- Between $500,000 and $999,999: the Census value band for an estimated 63.2 percent of owner-occupied homes
Source: US Census Bureau, American Community Survey 5-year estimates, 2020 to 2024. Estimates, not counts.
On a W-2
Commission paid by an employer
When an employer pays your commission on a W-2, the file starts as it would for a salary, with recent pay stubs and W-2 forms. Where commission is much of your pay, expect your tax returns to be asked for too.
The history. Commission rises and falls with the year, so a lender reads it over a history rather than from a single strong quarter.
A recent switch. A move from salary to commission right before you apply can stall a file, because the new pay has no record yet. If you can, talk to a loan officer before you switch.
Employer verification. On a WVOE loan your employer confirms your job, start date and pay on the standard form, and commission can be counted when the form shows a history of it.
On 1099 forms
Commission paid to an independent contractor
Independent sales representatives and real estate agents are often paid on 1099 forms, with no W-2 at all.
The forms themselves
A 1099 loan starts from the totals on your 1099 forms, takes off a standard allowance for work expenses and averages the rest by month. It is not a stated-income loan.
1099 loansReal estate agents
Agents are a natural fit for a 1099 loan, which starts from gross commission rather than the income left after deductions.
The agent’s 1099 playbookA bank statement loan is the other common route for the self-employed; it reads deposits and suits business owners. Compare bank statement and 1099 loans before you choose.
The file
What to bring when commission is your pay
On 1099 pay, the lender checks that the income is still coming in this year, with recent commission statements or bank statements, and obtains the IRS record of your 1099s so the forms and the record agree.
Write-offs are a tax decision with a mortgage side. Talk to a lender before you file your next return, and bring your CPA into that conversation.
Have these ready
- W-2 pay: recent pay stubs and W-2 forms
- 1099 pay: your 1099 forms and proof of earnings so far this year
- Tax returns: when much of your pay is commission
- This year: recent commission statements or bank statements
- Consent: your signed consent for the IRS record of your 1099s
Questions
Questions from Morris Township buyers
Do you lend in Morris Township?
Yes. Fidelity Residential is a dba of PFN Lending Group, Inc. (NMLS #103098), which holds a New Jersey Residential Mortgage Lender License, and we lend across New Jersey. You can check the licence on NMLS Consumer Access (opens in a new tab).
Do you have an office in Morris Township?
No. Our office is at 121 NJ-36, Suite 230, West Long Branch, NJ 07764, in Monmouth County, and we lend across New Jersey. Call 732-686-9999 to talk with a licensed loan officer.
Does commission count as income for a mortgage?
It can, once there is a history behind it. For W-2 commission, your pay stubs, W-2s and often your tax returns show it; for 1099 commission, the forms or your returns do.
I just moved from salary to commission. Can I still apply?
Talk to a loan officer first. New commission pay has no history behind it yet, which can change how it is read.
What is a 1099 loan?
A loan for independent contractors and commission earners that uses the 1099 forms instead of tax returns to show what you earn. Credit, savings, the appraisal and your debts are still checked.
Is Morris Township the same as Morristown?
No. Morris Township and the Town of Morristown are separate municipalities; the figures on this page are Morris Township’s.
Talk with a loan officer near you
Get a quote online, or call us and talk it through with a licensed loan officer.
What happens next
- Tell us about your loan. A few quick questions about the property and the loan you want. No credit check to start and no obligation.
- A licensed loan officer reviews your answers and follows up with you, usually within one business day.
- This is a request for a quote, not a loan application and not a commitment to lend.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
Reviewed by Robert Shamie, CEO, NMLS #241428 · Last reviewed:
Fidelity Residential (PFN Lending Group, Inc., NMLS #103098) is a direct mortgage lender licensed in 40 states and the District of Columbia, with 26 years in business.