Self Employed 1099 Only and Bank Statement Home Loans | Forms 46506-T and 4506-C Not Required

This loan program is for home buyers and homeowners that have a few late payments or recently experienced a housing event such as bankruptcy, foreclosure, or short sale. Non-Prime mortgages are not only for challenged credit borrowers, but also good and excellent credit borrowers that require a higher risk and more aggressive loan program; 95% LTV Cash Out refinance would be 1 example.

Self Employed borrowers like yourself can document income by providing 1-24 consecutive months of their most recent bank account statements and/or 1-year Reduced Doc, or 2 years Alt Doc 1099 Only programs as an alternative to conventional regulation and requirements

support income and if there is a "wage earner borrower", too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.

1099 Only programs available with a 620 middle credit score and $3500 Disposable Income. If you are an independent contractor and file Schedule C only your 1099 for income instead of your tax returns W-2s paycheck stubs profit-and-loss statements. Multiple 1099s– okay

Purpose: Purchase and Rate/Term or Cash Out refinance. Maximum Cash Out $1,500,000

Verification of Wage-Earner Employment and Self-Employment

Self-Employment (=/>25%)

Third party CPA Letter - The "CPA letter" deosn't need to be the same CPA that fiiled your taxes. Any CPA or EA - OK!

Applicable Industery License - License Regulator

License Bureau or equivelent 

Business Registration Certificate

Business Tax Certificate

Buyer License

Blacked Out Schedule C

Internet Listing

Wage-Earner Employment

Verbal Verification of Employment (VVOE) - Super simple and fast. A phone call is placed by the lender to your HR department or equivent manage

Written Verification of Employment (WVOE) - Standard VOE Form to be completed by your pay-roll department manager, HR department manager or equivelent dated no more than 10 business days before the close date

Acceptable Types of Employment:

Self Employed (=>25%)

W-2 Wage Earner

W2 Salary

W2 Hourly wage

W2 Commission

Guidelines and Highlights333333333333333333333333333333333333333333

---Ability to Repay and Verification of Employent

Income and E:

Alternative Documentation "Alt-Doc"

Bank Statements,1099 Only and Asset Depletion

Income Documentation:333333333333333333333333333

Unconventional - 12 months Bank Statements for self-employed. and/or

Conventional - W-2 and paystub for wage earners

Credit Criteria:

Mortgage History - 1 30-Day late previous 12 months

Bankruptcy Seasoning: - 1 Day

Foreclosure Seasoning - 1 Day

Short Sale - 1 Day

Credit Scores:

580 Minimum

Loan to Value ratio (LTV)


Debt to Income Ratio (DTI):


Maximum Loan Amount:


Property Types:

Single Family Residence (SFR)

1-2 Units

2-4 Units


Owner Occupied / Primary



30-Year Fixed

15-Year Fixed7 Year ARM

No Prepayment Penalty

Available in the Following States:

Arizona, Colorado, California, Florida, Texas, and Washingtgon

Reference# 535 06131519-16-12-16