For self-employed individuals or independent contractors, qualifying for a mortgage can sometimes feel challenging without traditional W-2 documentation. A 1099 loan allows borrowers to leverage their 1099 income statements, business expenses, and overall financial profile to demonstrate the ability to repay, rather than relying solely on standard employment verification.
Key Features:
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Tailored for Independent Contractors: Designed for those who receive 1099 forms, making it easier for self-employed borrowers to qualify.
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Flexible Documentation Requirements: Focus on business and personal financials rather than W-2s.
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Variety of Property Types: Can be used for primary residences, second homes, and sometimes investment properties, depending on lender guidelines.
Important Considerations:
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Not a Guarantee: Eligibility depends on meeting lender requirements. Loan terms and conditions vary.
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Rate and Term Variability: Interest rates, loan limits, and qualification criteria may change without notice.
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Legal Compliance: All offers must adhere to applicable federal, state, and local regulations, including the Real Estate Settlement Procedures Act (RESPA).
Next Steps:
Before applying, it’s essential to review all terms and conditions and consult with a qualified, licensed mortgage professional such as LaTonia Knox. For more information and personalized guidance, click Contact Us.
Disclaimer: This is not a commitment to lend. All loan products, terms, and conditions are subject to underwriting approval and availability.