Securing a mortgage mortgage as a self-employed particular person will be difficult because of the lack of conventional earnings verification. Nonetheless, MortgageDepot understands the distinctive wants of self-employed debtors and presents an answer by way of the 1099 Solely Mortgage Program. This specialised mortgage mortgage program caters to those that could not have a constant, verifiable earnings like W-2 workers. Let’s discover this system’s highlights and the way it might help self-employed people obtain their homeownership desires.
- Max 85% Mortgage-to-Worth (LTV)
- Minimal FICO Rating of 599
- Proprietor-Occupied Properties Solely
- Not Restricted to First-Time Dwelling Patrons
- Mortgage Quantities as much as $4 Million
- Money Out Obtainable
- Property sorts: single-family residences, condos, and townhomes (no rural or multi-unit properties)
- Most Debt-to-Earnings (DTI) Ratio of 55%
- Accomplished FNMA Type 1005 for 2-Yr Employment Historical past
- Short-term Charge Buydowns Obtainable
With the 1099 Solely Mortgage Program, MortgageDepot acknowledges the distinctive monetary circumstances of self-employed debtors. By offering versatile pointers, increased LTV ratios, and accommodating mortgage phrases, this program goals to empower self-employed people to realize their homeownership targets. If you’re a self-employed borrower in search of a mortgage, we encourage you to discover the probabilities of the 1099 Solely Mortgage Program with MortgageDepot and take a step nearer to proudly owning your dream house.
Contact us right now to study extra and start your homeownership journey.