1099 Program

1099 earners can use 1099 earning statements or bank statements to qualify for a loan. This loan option helps those who cannot verify income based on tax returns. Typically, one to two years of the most recent statements are required and the borrower must be employed with a single employer for two years.

If you earn 1099 income as an independent contractor, freelance worker or a salesman, you can qualify for an FHA loan if you can document steady 1099 income for the past two years. The first step for 1099 employees is prequalification. This is as simple as phoning Omar at 954-625-5836 or completing an online questionnaire with the basic information on your Form 1099 income report, debt, and assets.

 

News from the Blog:

Unhappy Chinese purchasers are refusing to pay mortgages for incomplete building projects in an alarmingly large amount, worsening the country's real estate problems and fueling concerns that the crisis could extend to the larger financial system.

According to the researcher China Real Estate Information Corp., as of Wednesday, mortgage payments have been halted on at least 100 projects in more than 50 locations. According to experts at Jefferies Financial Group Inc., including Shujin Chen, that is an increase from the 58 projects on Tuesday and the 28 projects on Monday. Read More

 

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.