1099

1 or 2 year IRS Form 1099

Loan To Value

Max LTV
80% Max LTV
  • Rates as Low as 6.625%. (2.75% buydown. 60% LTV. 740 Credit Score )
  • Purchase * Refinance * Cash Out Eligible
  • 30 Years Fixed
  • Full appraisal required
  • Transferred appraisals allowed
  • ITIN Up to 80% LTV
  • Loan amounts ≤ $1,500,000 = 1 Full Appraisal (ARR, CDA or FNMA CU Risk score of 2.5 or less is required in addition to appraisal)
  • Loan amounts > $1,500,000 or "flip" transaction = Two Full Appraisals

Credit Score

Min Credit Score
660 Min Fico
  • Reserves: 6 Months Reserves
  • Credit Event (BK,SS,FC,DIL): 48 months and multiple credit events not allowed
  • Each Borrower’s credit profile must include a minimum of two (2) trade lines within the last twenty-four (24) months that show at welve(12) month history, or a combined credit profile between Borrower and co-Borrower with a minimum of three (3) tradelines
  • The tradeline requirements can be waived if borrower has 3 credit scores reporting on credit
  • Max Mtg Late 0x30x12. Plz call for price if mortgage late within 24 months
  • Bankruptcy/Foreclosure/Short Sales/Deed-in-Lieu ≥ 3 Years

Loan Amount

Max Loan Amount
$3M Max Loan Amount
  • Max. Loan Amount $3,000,000
  • Loan Amount > $3.5M up to 20.0M: Call for Price
  • Min. Loan Amount $150,000
  • Loan Amount < $150,000: Call for Price
  • Prepayment Penalty is 5% of the amount prepaid on Investment Properties Only
  • Other Requirements: Delayed Financing is allowed for primary only

Qualification

Requirements
1Y 1099 1 or 2 Year 1099
  • Most recent 1 or 2 years IRS Form 1099 may be used as an alternative to tax returns to document the borrower’s income.
  • The Primary Borrower (greater than 50% of income) must be paid on a 1099 basis for at least 2 years to qualify for this program. The borrower can have no ownership of the 1099 payor company.
  • Borrowers’ who have a 2-year history of receiving 1099 only or have converted recently from W2 to 1099 and have at least 1 year of receiving 1099 in the same line of work may utilize this program
  • Most recent 1 or 2 years IRS Form 1099 from employer(s). Borrower must have 2 year history of 1099employment. Different employer(s) from year to year or multiple employers must be documented as same business type
  • Third party documentation (CPA/CTEC/EA) supporting a 2 year employment history when 1 year 1099 used
  • Current earnings from 1099 source(s) documented with: Payroll check stub reflecting YTD income from 1099 source or
  • Current earnings from 1099 source(s) documented with: 3 months bank statements supporting 1099 monthly income. • Tax transcripts for 1099s.
  • 10% expense factor applied to determine qualifying income

Property

Type
2-4 Sfr, Condo
  • Rural Property Eligible: Call for Price
  • SFR: 600 min sq ft | Condo: 500 min sq ft | 2-4 Unit: 400 min sq ft |10 acres max
  • Primary, Second Home, Investment Eligible
  • Assets & Reserves: Most recent one month bank statement required
  • Assets & Reserves: 100% access letter obtained from all joint owners
  • Assets & Reserves: Gift funds are acceptable for use toward down payment and loan costs.Borrower(s) must contribute at least 5%of the transaction(lowerofPurchase Price or appraised Value) from their own funds
  • Assets & Reserves: Stocks/Bond/Mutual Funds - 90% of stock accounts may be considered in the calculation of assets for closing costs andreserves
  • Assets & Reserves: Vested Retirement Account funds – 80% may be considered for closing and/or reserves.
  • Assets & Reserves: When bank statements are used, large deposits must be evaluated. Large deposits are defined as a single deposit that exceeds 50%of thetotal monthly qualifying income for the loan
  • Assets & Reserves: Cash out proceeds may be as reserves

Eligible Borrowers

ITIN Eligible
ITIN Non Permanent Resident
  • C08 EAD with LTV<=70%: Call for Price
  • Can Close In a Business
  • ITIN up to 80% LTV
  • Escrow Waiver Allowed
  • Reserves: Loan Amt $150,000-$1,000,000: 6 Months PITIA
  • Reserves: Loan Amt $1,000,001 - 2,000,000: 9 months PITIA
  • Reserves: Loan Amt>$2,000,000: 12 months PITIA

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Mortgage Rates Disclosures

 

The advertised loan is a 15-year Fixed Rate Loan with a 15-year fully amortizing term. The interest rate is 5.250% for 180 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.755% APR with a monthly principal and interest payment of $5,838 for 180 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. Interest rate quoted assumes a purchase of a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.


The advertised loan is a 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.545% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

The advertised loan is an FHA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 6.437% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase at 80% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes, hazard insurance, or mortgage insurance; actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

This is a VA program. Current guidelines for VA Financing can be found at https://www.benefits.va.gov/homeloans/index.asp . The advertised loan is a VA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.882% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 100% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

Refinance: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.