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A 1099-only program may allow an eligible independent contractor to document qualifying earnings without traditional tax-return income calculations.
The underwriter reviews eligible 1099 history, employment or payer confirmation, credit, assets and the full loan file. In qualifying scenarios, the program may not require a standard expense-ratio deduction.
Current partner options may include primary homes, second homes, investment properties, qualifying two-to-four-unit properties, condos, short-term-rental income and interest-only payments.
The source program described options reaching 90% loan-to-value and loan amounts up to $3.5 million. Actual limits, reserves, debt-to-income, credit-event seasoning and pricing depend on current guidelines and complete qualification.
Frequently asked questions
Eligible independent contractors and gig workers with acceptable 1099 income history and required payer or employment confirmation may be considered.
No. The 1099 income, work history, credit, assets, property and other loan details still require verification and underwriting.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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