1099 Income Loan
For 1099 earners. No tax returns required.
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.
640
Min Fico
(Up to 75% LTV)
90%
Max LTV
(Minimum 720 FICO)
Loans up to
$3 million
with a minimum of $150,000
Year to date earnings
are verified from earning statement, paystubs, or bank statements
Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
Owner-occupied, second homes, and investment properties
Two years’ seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Most recent one or two years’ 1099 plus year to date earning statement allowed
1099s must be from a single employer and issued in the borrower’s personal name
Borrower must be self-employed working in the same line of work for at least two years
No tax returns are required
Please contact an Angel Oak Account Executive for complete qualification
We currently offer business-purpose loans for investment properties through approved clients, even if they’re not licensed in the subject property’s state.
Unlicensed states: AL, AR, CA*, CO, CT, FL, GA, IN, LA, MA, MO, MT, NC, NM, OH, OK, PA, SC, TN, TX*, UT, WA, WI
*California (CA): The originator’s company, and the originator’s branch must hold active CA licenses. The originator is not required to hold an individual license.
*Texas (TX): HELOC transactions are not eligible.
FAQ’s
What is the benefit to originators who use Non-QM loan products?
Originators who utilize Non-QM offer a service that their competition may not offer. They become an expert and go-to for the Non-QM borrower. The benefit is increased referrals and business growth despite changes in the market. Continue to increase your volume each year regardless of fluctuating interest rates, tighter Agency guidelines, and a slowing refinance market.