As a leader in the non-conforming mortgage market, we are always looking for ways to make sure that our borrowers get financing no matter what the scenario is.
We now offer a mortgage program that was designed for borrowers that collect payments as a sole proprietor or a contract individual. We calculate income based on the 1099 and not the W2 giving the borrower the opportunity to obtain financing based on their gross income and their net income as is required in mortgage calculations. We use the income that is reported on IRS 1099 form and the borrower’s schedule C, NO tax returns required which shows the net income.
Min FICO: 660 | Max LTV: 75% | Max Loan Amt: $1m
- 1099s for the most recent 2 years are provided
- 1099s are from the same single employer for the past 2 years
- 1099s validated with a wage and income transcript from the IRS
- Year-to-date earnings are verified via a YTD paystub or other equivalent third-party documentation
Regarding this 1099 ONLY mortgage program, contact our office to speak to a loan officer who can guide you through the process and explain the program further.