1099-Only Home Loan

In the gig economy, freelancers and independent contractors often face hurdles when trying to secure a traditional mortgage. Relying on 1099 income can make proving your financial stability a challenge. That’s where the innovative Smart 1099-Only Home Loan comes in. Let’s dive into the details of this unique program and see if it’s the right fit for your homeownership dreams.

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Program Highlights:

• Up to 90% LTV: This loan offers a high loan-to-value ratio, meaning you can potentially purchase a home with as little as a 10% down payment.
• 1099-Only Income: Specifically designed for borrowers whose income is solely derived from 1099s. No need to worry about providing W-2s or other traditional income documentation.
• Up to $3,000,000 Loan Amount: This program offers substantial loan amounts, making it suitable for various property types and price ranges.
• First-Time Home Buyer OK: If you’re taking your first steps into homeownership, you’re welcome to apply for this loan.

Restrictions:

• Two Years in the Same Profession: To qualify, you’ll need to demonstrate a consistent work history within the same profession for at least two years. This shows lenders that your 1099 income is stable and reliable.
• Two Months Bank Statements: Be prepared to provide two months’ worth of bank statements to verify your income and financial stability.

Is This Loan Right for You?

The Smart 1099-Only Home Loan opens doors for freelancers, independent contractors, and self-employed individuals who have traditionally struggled to obtain mortgage financing. If you have a steady 1099 income, have been in the same profession for at least two years, and are ready to make the leap into homeownership, this program could be an excellent option.

Remember: As with any mortgage program, it’s crucial to do your research and understand the terms and conditions fully. Consider speaking with a qualified mortgage professional to discuss your specific situation and determine if the Smart 1099-Only Home Loan aligns with your financial goals.

Conclusion

The rise of the gig economy has created a need for more flexible lending solutions. The Smart 1099-Only Home Loan is a step in the right direction, acknowledging the unique financial circumstances of 1099 earners and providing a pathway to achieving the dream of homeownership.

Disclaimer: The information provided in this blog is for general informational purposes only and should not be considered financial advice. Please consult with our mortgage professionals for personalized guidance. Call today with Questions (888)416-4805