The 1099 Mortgage Program is designed for self-employed borrowers who need flexible income documentation. With only one year of documented 1099 income required—without tax return. This program provides a streamlined path to homeownership or refinancing.
Eligibility
- Requires just 1 year of 1099 income (no full tax returns needed.
- Available for purchase and rate/term refinance loans.
Credit & Loan Limits (Purchase / Rate-Term
- Minimum Credit Score: 600..
- Maximum LTV: Up to 80%.
- Loan Amounts: $250,000 – $7,500,000.
Income Verification Options
- CPA-Prepared Profit & Loss Statement (P&L).
- Expense Ratio CPA Letter (ERCL).
Cash-Out Refinance Terms
- Minimum Credit Score: 620.
- Maximum LTV: 80%.
- Maximum DTI: 55%.
- Reserves (based on loan size):.
- $0–$1.5M → 6 months
- $1.501M–$2.5M → 9 months
- $2.501M–$5M → 12 months
- $5M–$7.5M → 18 months
Eligible Property Types
- Single-family homes (attached or detached)
- 2–4 unit properties
- Warrantable condominiums
Flexible Underwriting Features
- Gift funds allowed (minimum 5% borrower contribution + 2 months seasoned funds)
- Seller concessions permitted up to 5%
Why Borrowers Choose This Program
- Simplified Documentation: Just one year of 1099 income required—no full tax returns.
- High Loan Limits & LTVs: Suitable for jumbo and non-QM borrowers.
- Simplified Documentation: Just one year of 1099 income required—no full tax returns.
- Borrower Flexibility: Gift funds and seller concessions expand financing options.
- Ideal for Self-Employed Professionals: Helps overcome challenges of reduced taxable income due to deductions.
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, North Carolina, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.