Non-QM – 1099 Only Loan

Who is our Non-QM – 1099 ONLY Loans Best Suited For

This loan is an excellent option for someone looking to Purchase or Refinance a Home and cannot provide "Traditional" Income documentation i.e., Tax Returns as a means of qualification. Unlike most loan programs in the marketplace, this loan allows you to use ONLY your 1099's that you receive for 2 calendar years as your form of income verification. We must run a 4506 and retrieve a 1099 Transcript. This Program verifies the validity of the 1099's, ensures they have been filed with the IRS by the issuing party. This Program is centered around an applicant who generates income either in the form of Commissions or as an Independent Contractor. We do not require full tax returns or Bank Statements to verify deposits.

How Non-QM – 1099 ONLY Loan Works

These loans are Portfolio Loans that are not connected to any Government Agency. Approvals are heavily focused on your 1099's that are issued to you for the last 2 years. How long you have been in Business, and how you derive your income. The focus is to understand your "Business Concept."

Loan Program Highlights for Non-QM – 1099 ONLY Program

  • Loan Amounts up to $3.00 Million for Purchase Transactions and $2 Million for Cash-out Refinance Transactions
  • Maximum Loan to Value is 85.00% on Purchase Transactions and 70.00% for Cash-out Refinance Transactions
  • To qualify it must be with 1 or 2 years of 1099's
  • A minimum credit score of 660 is required for the Program
  • Max DTI is 50.00%
  • Minimum of 6 Months Reserves required**
  • This Program is eligible for Purchase transactions or Refinance Rate and Term or Cash Out
  • Primary Residence, Second Home and Investment properties are eligible for this Program
  • Single Family Homes, Condominiums, and 2- 4 Unit homes are all eligible for financing
  • Non-warrantable Condo financing available on a case by case basis
  • Gift funds eligible, borrower must have at least 5% of their own money in the transaction
  • First Time Home Buyers are Eligible
  • Interest Only Available
  • 5/7/10 year ARM – Available
  • 30 and 15 Year Fixed – Available
  • Minimum Loan Amount is $250,000.00
* Loan Amounts vary based on LTV, Credit, and overall creditworthiness
** More reserves will be required for Loan Amounts over $1,000,000.00