1099 Loan
For Independent Contractor or Paid by Commission.

•  Qualification is based on 1099 Forms.

•  Up to 85% Loan-to-Value (15% Down Payment)

•  660 Minimum Credit Score, or 680 if First-Time-Homebuyer

•  6 Months Reserves of PITIA (Principal, Interest, Taxes, Insurance, Association)

•  43% Maximum Debt-to-Income (DTI), or 50% Max DTI with Compensating Factors (larger down payments, large cash reserves, very low debt-to-income ratios, 720+ credit score, minimal increase in housing payment)

•  24 Months OR 12 Months of most recent 1099s.

•  A CPA/Licensed Tax Preparer completed profit and loss statement or expense ratio letter.  Or, a fixed 10% Expense Ratio is allowed on loan amounts above $250k.

•  Documentation of year to date income.

•  Loan Amounts $100,000 – $3M.