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1099 Only Mortgage Loan Programs

Lite Doc 1099 Only Programs – One-Year Employment History

Borrower must have at least one year self-employment within the same industry 2 years and a 2-year history as 1099. This works best for borrowers for any Independent Contractor Sole Proprietor like a realtor who has been employed with their broker (or multiple brokers) for > 12 months and < 2 years, for example:

1099 Only Mortgage Program for Sole Proprietor

Any industry is fine i.e., insurance sales, Real Estate Agents, Consultants, trades such as Construction. If the borrower has been employed with the same company for between one and two years, borrower can provide the 2021 1099 and YTD earnings statement (paycheck stub) for 2022; tax returns and Form 4506-C (previously Form 4506-T) not required.

How do Non-QM Lenders Calculate Self-Employed Income?

We will average 2022 and YTD 2023. We will add 2023 1099 incomes, we can average that dollar amount over the entire year, not from the start date. Unless the borrower does not have a 2020 earnings statement (profit and loss statement, for example), then we can use bank statements for the current year, we are better off just doing a bank statement loan this late in the year.

Underwriter Guideline Highlights

Multiple 1099’s can be used:

One-Year History Employment Verification | Reduced Doc

One-Year Income (Alt Doc) Documentation | Lite Doc

Current year business income revenue may need to be verified with 1-3 months bank statements or borrower prepared (and unaudited) P&L

Loan Scenario Form – Credit Check Not Required

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Lending

Non-Qualified Lenders

Unconventional Lenders