1099 Income Loan
For 1099 earners. No tax returns required.
- Loans up to $3 million with a minimum of $150,000
- Purchase, Refi Cash Out, Refi Rate & Term, & Delayed Financing
- Owner-occupied, second homes, and investment properties
- No tax returns are required
- Two years’ seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Most recent one or two years’ 1099 plus year to date earning statement allowed
- Year to date earnings are verified from earning statement, paystubs, or bank statements
- 1099s must be from a single employer and issued in the borrower’s personal name
- Borrower must be self-employed working in the same line of work for at least two years
Min FICO
640
(Up to 75% LTV)
Max LTV
90%
(Min 720 FICO)
Our 1099 income loan option is for underserved self-employed borrowers who are 1099 workers. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a mortgage under Agency guidelines. These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. Our 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership.