Min. FICO 620 Up to 85% CLTV

Our 1099 loan is a solution for self-employed and contract borrowers that allows them to use their 1099 forms to report various types of non-employment income received during the tax year.

Program features
  • Loan amounts up to $4 million
  • DTI up to 55%
  • Cash out available
  • 1-year history with the same employer
  • Temporary rate buydowns available
Why choose our 1099?
  • 1099s for the last 1 year allowed
  • Expense ratio 10%
  • Gift funds allowed
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Program details

1099s for the last 1 year
1-year history with the same employer 
Gift funds allowed 
Loan amounts up to $4 million 
DTI up to 55% on owner-occupied 
Min FICO 620 
Up to 85% СLTV purchase / Up to 80% СLTV cash-out 
Owner-occupied, second home, and investment properties 
Max cash-in-hand $1 million, no limit for LTV < 55% 
Min Reserves: 3 months 
Mortgage History 0x30x12 and 0x90x24 for Super Prime, 0x60x12 for Prime 
24 months out of credit event for Super Prime, 12 months out of credit event for Prime 
SFR, townhomes, condo warrantable/non-warrantable (limited review), condotel, 2-4 units (not available for 2nd home), PUD, SFR rural, manufactured housing, short-term rentals, leasehold 
30 & 40-year fixed, 5/6 & 7/6 ARM 
120 months of I/O period, 240/360 months of amortization, qualified at amortized PITIA payment after I/O period, IO product not allowed in IL 
US citizenship, Permanent & Non-Permanent Resident, ITIN
Vesting Individuals, LLCs/Corp without a hit 
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1099 FAQ

Can 1099 workers qualify for mortgages?

Yes. Instead of tax returns, A&D uses the actual wages from their 1099 form as qualifying income for their new home loan.

What documentation is needed for 1099 loans?

Documentation for the 1099 mortgage is quite minimal, but includes

  • 1099s for the last 1 year from the same employer – Stability is the key to getting mortgage approval. ​

  • Paystub showing their YTD income -OR- Acknowledgement from their employer that their 1099 income matches what they report help us to know they can afford the loan. If they do not have a YTD paystub, a written Verification of Employment works too.​​

  • Proof that they do not have mandatory expenses – Mandatory job expenses differ from the optional expenses they write off. ​ ​

  • Letter from their CPA regarding their expenses –Most 1099 contractors have expenses – it comes with the territory.

What reserve requirements are there for 1099 loans?

All borrowers regardless of their credit score, need 3 months of reserves on hand. Reserves are money they have available (liquid assets) after they pay their down payment and closing costs. It is like an emergency account, letting us know they can cover at least 3 months of mortgage payments if something happens.​​

To qualify, they will need 3 months of principal, interest, real estate taxes, homeowner’s insurance, and HOA dues in a liquid account such as checking savings, CDs, or liquid investments.​​

Why choose a 1099 loan?

If your borrowers are contractors, salespeople, or consultants, they deserve mortgage financing just as much as someone with a salaried (W-2) position. If they can prove they can afford the loan and their income is steady, they deserve the same loan treatment.​​

The 1099 Income Program makes it a lot easier to secure a mortgage despite working as a 1099 employee. With no prepayment penalties on owner-occupied homes or second homes and the allowance of up to 6% of the purchase price for closing costs from interested parties, we make it easy to secure financing to buy a home as a 1099 employee.​​

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