1099 Mortgage LOAN
For borrowers who make money “on 1099” and need a mortgage path that doesn’t rely on standard W-2 income or full tax-return documentation.
1099 Qualifying Income is 12-months average from the total earnings reported (10% Expense Factor)
- Minimum FICO 620
- 2-year history with 1099 income
- Up to 90% LTV on Purchase
- Up to 80% LTV on Cash-Out
- Loan Amount Up to $3.5MM
- Interest-Only Available
- YTD documentation to support continued receipt of income from same source – Bank statement deposits (YTD)
- 4506-T Required (Box 8) if the IRS 1099 transcript is utilized
See product matrix for more details.