1099 Income Loan
Credit scores starting at 680
Up to 80% 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
- Non-warrantable condos allowed
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained