We also offer the 1099 for income program designed for sole proprietors or contract individuals with payments reported on IRS Form 1099 and included in the borrower’s schedule C.
1099s for the most recent 2 years are provided
1099s are from the same single employer for the past 2 years
1099s are validated with a wage and income transcript from the IRS
Maximum 50% DTI and 85% LTV, minimum 660 credit score
Year-to-date earnings are verified via a YTD paystub, written VOE, or other equivalent third-party documentation
No bank statements required