Purchase or Refinance:
- Minimum credit score of 620 required
- 1099 only – no tax returns
- 10% expense factor used
- Up to 80% LTV (loan to value) with 700 credit score
- 1 year history of 1099 required
- First-time homebuyers allowed
Purchase or Refinance:
Property Type:
A 1099 Only Mortgage Connecticut, often referred to as a self-employed mortgage, is a specialized home financing option designed explicitly for those who are self-employed or have income sources primarily documented through 1099 forms to purchase a home or refinance their current home.
These loans acknowledge the unique financial situation of self-employed individuals, where income can be irregular, fluctuating, or derived from various sources.
Unlike traditional mortgages that rely heavily on W-2 forms and pay stubs for income verification, 1099 Only Mortgage Loans take a more flexible approach.
They allow self-employed borrowers to use alternative methods of income verification, such as tax returns, bank statements, and profit and loss statements.
The primary difference between a 1099 Only Mortgage and a traditional mortgage lies in the way income is documented and assessed. Traditional mortgages typically require stable, verifiable income, often demonstrated through W-2 forms and consistent pay stubs to purchase a home or refinance.
Self-employed individuals, on the other hand, may have income that varies from month to month or year to year, making it challenging to meet the strict income documentation requirements of traditional mortgages.
Buy a home for the first time with a minimum 500 credit score. Get started today!
Refinance your way to a better mortgage and start saving money now. Apply online!
535 Bergen Blvd. Suite 2
Ridgefield NJ 07657