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.