1099 Mortgage Loan Program
What is a 1099 Loan?
Are you paid on a 1099 basis as an independent contractor or employee?
Have you tried applying for a mortgage with your local bank or credit union but been turned down because your tax returns were insufficient?
Traditional house loans, such as Conventional, FHA, VA, Jumbo, and USDA loans, do a poor job of serving candidates who get 1099 salaries.
For qualification reasons on a standard home loan, the lender is limited to using only the taxable portion of the applicant’s wages.
When you file your taxes as a 1099 wage-earning employee, you are both an employee and a business owner at the same time.
Self-employed borrowers, with the help of a mortgage advisor, are able to document their ability to repay based on business deposits into their personal or business bank accounts.
Apply now to get the support you need regarding this type of loan.
1099 Loan Key Points
- No tax returns required
- Allows self-employed individuals and 1099 contractors to qualify
- Most recent one or two years 1099 plus year to date earning statement allowed
- Owner-occupied, second homes, and non-owner occupied