1099 Only Lite Doc Income Documentation Loan Program
This flexible loan program is tailored for self-employed borrowers using 1099 income, offering a 12-month bank statement option for cash-out refinances. With a minimum 680 credit score, you can access up to 90% LTV on loans up to $4,500,000—plus cash-out up to $1,500,000 in hand (excluding debt consolidation).
Qualify for Self-Employed or Wage Earner Lite Doc or Self–Employed Alt Doc options: Lite Doc requires one year of income and employment verification and the previous year’s tax return, while Alt Doc requires no tax returns or IRS Forms 4506-T/C. Ideal for high-income 1099 earners seeking streamlined documentation.
12 Month Bank Statement Loan Cash Out Refinance 680 Credit Score
* 90% Loan-to-Value LTV to $4,500,000
* Cash Out – $1,500,000 Cash In Hand (not including debt consolidation)
* 12 Months Income and Employment Verification Documentation, Asset Utilization
* Asset Utilization Allowed as a Stand-Alone Source Income (Lite Doc) or in Conjunction
* IRS Form 4506-T and 4506-C is Required for Previous One Year
* Tax Return is Required – One Year for Lite Doc
Credit Requirements
Two 12 Month Active Tradeline with $1000 Credit Limits, or
One 24 Month Active Tradeline with $2500 Credit Limit
Minimum Credit Score Requirements
* 600 for the Primary Income Earner
* 580 Co-Borrower
Portfolio Non-QM Lender Guidelines & Highlights
Simplifying Non-QM Underwriting and process by defaulting to our core Non-QM guidelines and interpretation of the Ability to Repay rule. We can expedite and close your loan with minimal conditions and fast closing.
Underwriter Niche Guidelines: VOR (Verification of Rent) Not Required
* Credit LOE’s (Letter of Explanation) for previous addresses, work history, recent credit inquiries
* Reserves not required on Primary Residence
* No Liquid Assets Requirement for either a Rate and Term Refinances but also, Cash-Out refinance
* No Residual Income requirements
* Six Months Title Seasoning on Market Value Cash-Out Refinance
* First Time Homebuyers qualify the same
Gift Funds Allowed – 100% Gift Funds with 5% Borrower Contribution
55% DTI (debt-to-income) Ratio
Cash-Out Available
Fixed-Rate Interest-Only Terms Available
Prepayment Options Available
Available in the Following States:
Alabama, California, Florida, Georgia, Hawaii, Illinois, Maryland, Nevada, New Jersey, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.