1099 Income Loan

Our 1099 income loan option is for self-employed borrowers who are 1099 earners not able to qualify for a full doc mortgage loan. Tax write-offs make verifying income difficult for self-employed people. This program allows you to use 1099s for the last year or the last two years in lieu of tax returns.

• Credit scores starting at 600
• Up to 90% LTV, No MI
• Max LTV 90% with 700 score
• Max LTV 80% with 640 score
• 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
• Non-warrantable condos allowed