1099 LOAN
A great mortgage option for independent contractors such as physicians, IT consultants, real estate agents, attorneys, financial advisors, construction contractors, truck drivers, marketing consultants, and skilled tradespeople (plumbers, electricians, general contractors).
1099 LOAN
Qualifying Income is 12-months average from the total earnings reported (10% Expense Factor)
- Minimum FICO 660
- 2-year history with 1099 income
- Up to 90% LTV on Purchase
- Up to 75% LTV on Cash-Out
- Loan Amount Up to $3M
- 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.