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You are here: Home / 1099 Loan

1099 Loan

1099 Loan
For Independent Contractor or Paid by Commission.

•  Qualification is based on 1099 Forms.

•  10% Down Payment (700+ Credit, 250k+ Loan Amount)
20% Down Payment (680-699 Credit, 250k+ Loan Amount) OR (700+ Credit, 250k- Loan Amount)
25% Down Payment (660-679 Credit, 250k+ Loan Amount)
30% Down Payment if Condo

•  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.

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© 2023 Elegant Loans, Corp.
5811 Memorial Hwy #201
Tampa, FL 33615
+1 727 734 5051
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