This 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.
Income Verification Options
- CPA-Prepared Profit & Loss Statement (P&L)
- Expense Ratio CPA Letter (ERCL)
- Requires just 1 year of 1099 income (no full tax returns needed
- Available for purchase and rate/term refinance loans
Cash-Out Refinance Terms
- Minimum Credit Score: 620
- Expense Ratio CPA Letter (ERCL)
- Maximum LTV: 80%.
- Maximum DTI: 55%
Required Reserves (based on loan size)
- $0 – $2,000,000 ~ 6 months
- $2,000,000 – $3,000,000 ~ 9 months
- $3,000,000 – $5,000,000 ~ 12 months
- $5,000,000 – $7,500,000 ~ 24 months
Credit, LTV & Loan Limits
- Minimum Credit Score: 620
- Maximum LTV: Up to 75%
- Loan Amounts: $300,000 – $7,500,000
Eligible Property Types
- Single-family homes (attached or detached)
- 2-4 unit properties
- Warrantable condominiums
Flexible Underwriting Features
- Gift funds (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
- 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..
Last Updated on 3 weeks ago by Broker Mortgages