1099 Income Loans
The perfect option for freelancers, contractors, and self-employed borrowers.
Although a growing number of borrowers are 1099 workers it can be difficult for self employed borrowers to secure mortgage financing. Many freelancers, contractors, gig economy workers or other self-employed borrowers who file using W-9s cannot qualify for a traditional mortgage loan. Our 1099 income loan option is designed specifically for self-employed borrowers who may not qualify for traditional mortgage loans.
These underserved borrowers can use 1099 earning statements in lieu of tax returns to qualify for a mortgage. Our 1099 Income loan is an alternative loan solution that helps many self-employed 1099 earners achieve homeownership.
1099 Income Loan Features
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Loans up to $3 million, Minimum loan of $150,000
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No tax returns are required
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Most recent one or two years 1099 plus year to date earning statement allowed
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Year to date earnings are verified from earning statement, paystubs, or bank statements
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1099s must be from a single employer
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Borrower must be self-employed working for the same employer for two years
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Owner-occupied, second homes, and non-owner occupied
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Purchase and cash-out or rate-term refinance
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Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
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Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
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40 year interest only available
Conventional vs 1099 Income Loans
NOTE: It's important to note that the specifics of conventional Non-QM mortgage loans can vary depending on many factors. This chart provides a general overview of the key differences between the two types of loans. Contact us at 503-343-7999 to learn more about the lending solutions we offer!
Contact Us
Lending Office
17125 Boones Ferry Rd, Lake Oswego, OR 97035
Phone
Direct Line: 503-343-7999
Office Hours
Mon - Fri
9:00 am – 5:00 pm