Product and Service

One Year "1099 Only" Income Reduced Doc Program

Last Updated: 15 March 2023

Lite Doc - 1 Year 1099 Only Income Documentation Program

Purchase, Rate/Term Refinance - 600 Credit Score - 80% LTV - $1,500,000

Cash Out - 620 Credit Score - 75% LTV - $1,500,000

Loan Amounts: $250.000 to $10,000,000

1099 Only Income Calculation | Two 1099 Income Calculation Methods

  • P&L Prepared by a CPA or Equivalent License Holder
  • Expense Ratio CPA Letter (ERCL)
  • Debt-to-Income (DTI): 55%

Loan Amounts and Reserve Requirements:

  • $1,500,000 - 6 Months
  • $1,501,000 to $2,500,000 - 9 Months
  • $2,501,000 to $5,000,000 - 12 Months

 

  • $5,000,001 $7,500,000 - 18 Months

Property Types:

  • Single Family Residence - Attached
  • Single Family Residence - Detached
  • 2 Units
  • 4 Units
  • Warrantable Condos

Underwriter Notes:

  • Gift Funds OK - Requires at least 5% Borrower Contribution Required, 2 months seasoned funds
  • Seller Concessions to 5%
  • Available in the Following States:

Income Documentation - None | No Ratio

Reserves - 6 Months (not including Cash Out Refinance)

This Alt Doc loan program is for buyers that have extraordinary or unconventional income and documentation including self-employed borrowers and fixed income along with previous credit challenges due to inconsistent employment, foreclosure, bankruptcy, short sale, divorce, and or health issues.

This loan program specifically designed to bridge the gap and resolve the problem that prevents good borrowers from obtaining mortgage credit. Manual underwriting through intelligent guidelines brings forth opportunity of home ownership to borrowers of all kinds

Minimum Mortgage Credit Score - 620

Loan Purpose

  • Purchase
  • Rate/Term Refinance
  • Cash Out Refinance

LTV's

  • 75% Maximum for Purchase and Rate and Term
  • Cash Out to 70% LTV

Occupancies

  • Owner-Occupied
  • Vacation Homes

Available Terms

  • ARM's - 3 Year, 5 Year
  • Fixed - 15 Year, 20 Year, and 30 Year
  • Interest-Only Available
  • Gift Funds - OK
  • Non-Occupant Co-Borrower - OK

 

Loan Scenario Form - Credit Check Not Required

 

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New Hampshire, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin