1099 Program

1099 earners can score a loan by using their 1099 earning statements or bank statements. This loan aids those people who are unable to validate their income with the help of tax returns. Generally, the latest statements of one or two statements are required and the borrower has to be under the employment of the same employer for two years.

If you earn a 1099 income as a private contractor, freelancer, or salesman, you can score an FHA loan if you provide proof of a constant 1099 income for the last two years. The initial step for 1099 workers is prequalification. This is easy to do, all you have to do is call Omar at 954-625-5836 or do an online survey with the information of your 1099 income report, debts, and assets.

 

1099 Program Requirements:

• Most recent two years of 1099s.
• Documentation of year-to-date income.
• A CPA completed profit and loss statement or expense ratio letter.
• 1099 transcripts.

 

1099 Loan Defined - Call for more informaton

The 1099 loan program is a type of loan program designed for independent contractors or self-employed individuals who are paid via Form 1099. The loan amount is usually based on the individual's annual income and expenses, and it can be used for various purposes such as business expenses or personal needs.

These loans typically have higher interest rates compared to traditional loans, as they are considered riskier due to the lack of steady income and employment security. However, they can be a good option for those who have difficulty obtaining other types of financing.

It's important to note that the 1099 loan program is not a government program and is offered by private lenders. Therefore, it's essential to research and compare lenders' terms, fees, and interest rates before applying for a loan.