Correspondent

1099 Income Loan Program

Credit scores starting at 660  |  Up to 85% LTV, No MI


Our 1099 income loan option is for self-employed borrowers who are 1099 earners not able to qualify for a full doc mortgage loan. Tax write-offs make verifying income difficult for self-employed people. This program allows you to use 1099’s for the last year or the last 2 years in lieu of tax returns.

  • Max LTV 85% with 680 score
  • Max LTV 75% with 660 score
  • Loans up to $3 million, Minimum loan of $150,000
  • No tax returns are required
  • 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
  • Borrower must be self-employed working for the same employer for two years
  • Owner-occupied, 2nd homes, and non-owner occupied
  • Purchase and cash-out or rate-term refinance
  • 4 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu