The 1099 Income Mortgage Loan Program is a loan program designed specifically for independent contractors that receive a 1099 form at the end of the year. This programs requires NO TAX RETURNS! Qualify off your 1099 income only!! This special loan program is also called an Independent Contractor Mortgage. Most independent 1099 Contractors make good income but show very little on their tax returns because of write offs. The solution to this challenge is the 1099 Income Mortgage Loan Program. Get started today by calling us at 302-703–0727 or APPLY ONLINE.

Who is the 1099 Mortgage Loan Program Best Suited For?

The 1099 Income Loan Program is designed for self employed borrowers that receive a 1099 form from the same employer. 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 1099 borrowers can use the 1099 Earnings Statement in lieu of Tax Returns to verify their qualifying income. The 1099 Income Loan Program typically requires the borrower to work for a single employer for the past 2 years. This is a great loan program for a Real Estate Agent as most agents are paid 1099 by their brokerage.

What are the Guidelines for a 1099 Income Mortgage Loan Program?

The Guidelines for qualifying for a 1099 Mortgage Loan are as follows:

• 1099s Must be a from a Single Employer
• Minimum Credit Score is 600
• Owner Occupied, 2nd Homes, & Investment Properties
• Borrower Must be Self Employed working for the same employer for 2 years
• Eligible for Purchase, Cash-Out Refinance and Rate/Term Refinance
• Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu.
• Loan Amounts up to $3 Million
• No Tax Returns Required
• Verify Income from 1099 forms, Pay Stubs or Bank Statements
• Up to 90% LTV

How Do You Apply for a 1099 Mortgage Loan?

If you are a self employed independent contractor and want to apply for a 1099 Mortgage Loan Program, then call the John Thomas Team with Primary Residential Mortgage at 302-703-0727 or APPLY ONLINE