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Our 1099 Income Loan Program is made for independent contractors, self-employed professionals, and commission earners who want strong pricing, customized loan structures, knowledgeable support, and a fast, streamlined process without being blocked by tax returns. We use your recent 1099 forms and a simple expense factor to calculate qualifying income, giving you a cleaner, easier way to buy or refinance when you’re paid on 1099 instead of W-2.
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Instead of reviewing full tax returns, the 1099 Income Loan Program looks at the gross income on your most recent 1099s (typically one to two years). A program-specific expense factor is applied to estimate business costs, and the remaining amount is treated as qualifying income for underwriting. As long as you have a stable 1099 history in the same field, and your credit, assets, and property meet Non-QM guidelines, we structure a loan that reflects your real earning power—aiming for strong terms and a fast, guided closing.
Feature | Details |
Qualification Method | Income calculated from recent 1099 forms using a program-specific expense ratio (e.g., 10%) instead of full tax returns |
Minimum FICO | Options for no score; when scored, typically ≥ 620 |
Loan Amount | Up to $4,000,000 (subject to program and profile limits) |
CLTV / LTV | Up to 85% CLTV for qualifying borrowers |
DTI | Ratios up to 55% (depending on credit, reserves, and property type) |
Employment History | At least 1 year with the same employer or in the same line of work |
Cash-Out | Available, subject to LTV/CLTV and program limits |
Gift Funds | Allowed for eligible down payment and/or closing costs |
Property Types | 1–4 unit residential properties, condos, and townhomes (per program eligibility) |
Closing Time | Typically 3–5 weeks, depending on appraisal timing and documentation |
BarCorp Financial Group, NMLS #1746897. BarCorp Financial Group is a mortgage broker and does not make commitments or fund loans. Information provided is for general informational purposes only and is not a loan approval, Loan Estimate, or commitment to lend.
All loans are subject to underwriting approval, lender guidelines, and property qualification. Not all applicants will qualify. Product availability, interest rates, and terms are subject to change without notice and may vary by lender and state. Equal Housing Lender.
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