Securing a mortgage loan as a self-employed individual can be challenging due to the lack of traditional income verification. However, MortgageDepot understands the unique needs of self-employed borrowers and offers a solution through the 1099 Only Mortgage Program. This specialized mortgage loan program caters to those who may not have a consistent, verifiable income like W-2 employees. Let’s explore the program’s highlights and how it can help self-employed individuals achieve their homeownership dreams.
- Max 85% Loan-to-Value (LTV)
- Minimum FICO Score of 599
- Owner-Occupied Properties Only
- Not Limited to First-Time Home Buyers
- Loan Amounts up to $4 Million
- Cash Out Available
- Property types: single-family residences, condos, and townhomes (no rural or multi-unit properties)
- Maximum Debt-to-Income (DTI) Ratio of 55%
- Completed FNMA Form 1005 for 2-Year Employment History
- Temporary Rate Buydowns Available
With the 1099 Only Mortgage Program, MortgageDepot recognizes the unique financial circumstances of self-employed borrowers. By providing flexible guidelines, higher LTV ratios, and accommodating loan terms, this program aims to empower self-employed individuals to achieve their homeownership goals. If you are a self-employed borrower looking for a mortgage, we encourage you to explore the possibilities of the 1099 Only Mortgage Program with MortgageDepot and take a step closer to owning your dream home.
Contact us today to learn more and begin your homeownership journey.