10% Down, 1099 ONLY as Income

Program Details:

Credit scores starting at 660

Up to 90% LTV

Our 1099 income loan option is for underserved self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under Agency guidelines.

These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. Our 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership.

• Loans up to $3 million, Minimum loan of $150,000
• No tax returns are required
• Most recent one or two years 1099 plus year to date earning statement allowed
• Year to date earnings are verified from earning statement, paystubs, or bank statements
• 1099s must be from a single employer
• Borrower must be self-employed working for the same employer for two years
• Owner-occupied, second homes, and non-owner occupied
• Purchase and cash-out or rate-term refinance
• Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
• Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
• 40 year interest only available