Smart 1099-Only Home Loan: Empowering the Self-Employed

In the dynamic world of freelancing and contract work, securing a traditional mortgage can be a daunting task. Relying solely on 1099 income often leads to challenges in demonstrating financial stability to lenders. That’s where the innovative Smart 1099-Only Home Loan steps in to bridge the gap and make homeownership a reality for self-employed individuals.

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Program Highlights:

• Up to 90% LTV (Loan-to-Value): This generous loan-to-value ratio empowers you to potentially purchase a home with as little as a 10% down payment, making homeownership more accessible than ever.
• 1099-Only Income: Tailored exclusively for borrowers whose primary income source is 1099s, this program eliminates the need for W-2s or other traditional income documentation.
• Up to $3,000,000 Loan Amount: With a substantial loan amount ceiling, this program caters to a diverse range of properties and price points, providing flexibility for your dream home aspirations.
• First-Time Home Buyer Friendly: Whether you’re a seasoned investor or taking your first steps into the real estate market, this loan welcomes first-time home buyers with open arms.

Restrictions:

• Two Years in the Same Profession: Demonstrating stability is key. You’ll need to provide evidence of a consistent work history within the same profession for at least two years.
• Two Months Bank Statements: Be prepared to furnish two months’ worth of bank statements to substantiate your income and financial health.

Is This Loan Right for You?

The Smart 1099-Only Home Loan unlocks doors for freelancers, independent contractors, and self-employed professionals who have historically faced obstacles in securing mortgage financing. If your income primarily stems from 1099s, you’ve been dedicated to your profession for at least two years, and you’re ready to embrace homeownership, this program could be the perfect fit.

Key Takeaways:

• Tailored for the Self-Employed: This loan specifically addresses the unique financial needs of individuals relying on 1099 income.
• High LTV and Substantial Loan Amounts: The program’s flexibility opens up possibilities for a variety of property types and budgets.
• First-Time Home Buyers Welcome: Embark on your homeownership journey with confidence, regardless of your prior experience.

Remember:

• Do Your Research: Thoroughly understand the terms and conditions of the loan before proceeding.
• Seek Professional Guidance: Consult with our mortgage professionals to explore your options and determine if this loan aligns with your financial goals.

Conclusion

The Smart 1099-Only Home Loan empowers the self-employed to realize their homeownership dreams. By recognizing the unique financial landscape of 1099 earners, this program paves the way for a more inclusive and accessible mortgage market.

Disclaimer: The information provided in this blog is for general knowledge and should not be considered financial advice. It’s always advisable to consult with our mortgage experts for personalized guidance based on your individual circumstances.

Give us a call today to get your questions answered (888)842-7272