1099
Our 1099 Mortgage Program is specifically designed to cater to the needs of independent contractors, freelancers, and self-employed individuals who receive income documented on IRS Form 1099. This innovative program allows borrowers to utilize their 1099 forms as proof of income, streamlining the mortgage application process and making it accessible for those with non-traditional income sources.
Key Features of the 1099 Mortgage Program:
Income Verification Through 1099 Forms:
- Borrowers can use one or two years of 1099 forms to verify their income.
- Flexibility to average the income over the selected period to qualify for the mortgage.
Simplified Documentation Requirements:
- Eliminates the need for extensive documentation such as full tax returns and W-2 forms.
- Typically requires only the 1099 forms and, in some cases, a profit and loss statement.
Flexible Loan Terms:
- Offers a variety of loan term options, including both fixed and adjustable-rate mortgages, to suit different borrower needs.
- Provides competitive interest rates tailored to the borrower’s financial profile and creditworthiness.
High Loan Amounts and Competitive Rates:
- Accommodates both high-value and more modest loan amounts, ensuring accessibility for a wide range of borrowers.
- Offers attractive rates that reflect the borrower's overall financial health and stability.
Ideal for Various Borrower Profiles:
- Independent contractors and freelancers with consistent 1099 income.
- Self-employed individuals with non-traditional income documentation.
- Borrowers with multiple 1099 income sources from different clients or projects.
Benefits of Choosing Our 1099 Mortgage Program:
- Streamlined Process: Simplifies the loan approval process by focusing on the income demonstrated through 1099 forms, reducing the need for extensive documentation and making the process quicker and more efficient.
- Enhanced Accessibility: Opens up mortgage opportunities for borrowers who might struggle to qualify under traditional underwriting criteria, providing greater access to homeownership.
- Tailored Solutions: Our dedicated team works closely with brokers to offer personalized mortgage solutions, ensuring that each borrower’s unique financial situation is considered and addressed.
By utilizing our 1099 Mortgage Program, brokers can provide their clients with a practical and efficient way to secure mortgage financing. This program ensures that more self-employed and independent workers can achieve their homeownership dreams, regardless of their non-traditional income streams.