A home loan solution for self-employed borrowers.
A 1099 income loan is a mortgage solution for self-employed and contract workers who have trouble qualifying for a conventional loan. Borrowers can use their 1099 earning statements to show work income instead of tax documents.
1099 Features
Loan Amounts up to $3 Million
Up to 90% LTV on purchases
Up to 80% LTV on cash-out refinances
No limit on cash out up to 70% LTV, $500k above
Up to 50% DTI
Minimum 620 FICO
Primary Residence, Second Home, and Investment Property Eligible
Primary earner FICO score utilized