Are you self-employed or an independent contractor?
A 1099 Loan is a non-QM Loan that can be a good option for borrowers that are self-employed or independent contractors. The 1099 Loan allows borrowers to use their 1099 forms to verify their income in lieu of tax returns to qualify for a mortgage.
Other qualifications to expect in order to ensure a smooth application process can include, but not limited to:
Self-employment verification (1099 forms, business licenses)
Income Documentation (2 years tax returns)
Minimum Credit Score of 620 or higher
Favorable debt-to-income ratio at or below 43%