The 1099-Only Program is ideal for self-employed borrowers and independent contractors who receive 1099 income and prefer an alternative to full tax-return documentation.
Program Highlights
– No tradeline requirement (with 3 credit scores)
– 1 or 2 years of 1099s or IRS transcripts accepted
– Income calculated using a 12- or 24-month average, minus an expense ratio
– Up to 80% LTV on non-owner-occupied and eligible properties
– Unlimited cash-in-hand allowed
– 3-month cash-out seasoning permitted
– Cash-out proceeds may be used as reserves
– Loan amounts up to $4,000,000
Eligible Property Types
– Single-Family Residences (SFR)
– Condos & Condotels
– Studios
– 2–4 Unit Properties