When applying for a mortgage as a self-employed person, you may find it difficult to prove your income. However, the 1099-only mortgage program from SteveKnowsLoans is designed to meet the demands of self-employed borrowers. People who don’t have regular, verifiable income, like W-2 employees, may qualify for this specialty mortgage loan program. Let’s look at the program’s highlights and see how it might help people who are self-employed realize their ambition of owning a home.
1099 Only Mortgage Program
- Maximum LTV (loan to value) of 85%
- Minimum FICO score required: 599
- Single-family homes only
- No longer restricted to first-time buyers
- Loan Cash Out Amounts Possible: Up to $4,000,000
- Only detached single-family homes, attached condominiums, and townhouses (no farms or apartment complexes) will be considered.
- Maximum Ratio of Debt to Income: A 55% Share
- Filed FNMA Form 1005: Employment History, 2 Years
- Short-Term Price Buydowns Available
SteveKnowsLoans’ 1099 Only Mortgage Program is a response to the specific needs of borrowers who are self-employed. The goal of this program is to help people who are self-employed become homeowners by giving more lenient criteria, greater LTV ratios, and more lenient loan conditions. With SteveKnowsLoans’ 1099 Only Mortgage Program, self-employed borrowers can increase their chances of getting approved for a mortgage and move closer to buying a home of their own.
At SteveKnowsLoans, we understand that being self-employed comes with unique financial challenges. That’s why we’ve tailored our 1099 Only Mortgage Program to cater to the needs of self-employed individuals. With a maximum loan-to-value (LTV) of 85% and a minimum FICO score requirement of 599, this program offers a lifeline for those with irregular income. Whether you’re eyeing a single-family home or looking to cash out for up to $4,000,000, our program provides the flexibility you need. We’re breaking down barriers for self-employed individuals, making homeownership a real possibility.
Learn more and get started on the path to homeownership by contacting us today.
Call Steven Jackson at 813-616-9411 now!
