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Empower Your Homeownership Journey
1099 Income Loan
Our 1099 income loan option specifically caters to underserved borrowers who are self-employed and receive their income through 1099 forms. Many freelancers, contractors, gig economy workers, and other self-employed individuals who file taxes using W-9s are often unable to meet the mortgage eligibility criteria outlined by the Agency.
To address this issue, our 1099 Income loan allows these underserved borrowers to use their 1099 income statements as a substitute for tax returns when qualifying for a mortgage. This loan option serves as an alternative to traditional lending solutions, providing an opportunity for many self-employed individuals with 1099 income to fulfill their dream of owning a home.
Credit scores starting at 600
Up to 90% LTV, No MI
Program Highlights:
Maximum LTV 90% with 700 score
Maximum 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
Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
