Can I get a loan as a 1099 employee? | Valor Lending Group
Can I get a loan as a 1099 employee?
The answer is YES!
Valor Lending Group has programs geared to benefit self-employed individuals, gig workers, investors and independent contractors. Since 2020 we have seen a surge in the “gig working” economy, there has been millions of Americans that have tried “gig working” and now 36% of US workers are dabbling in and succeeding in gig work, that is more than one-third of US workers. The typical 9AM-5PM job is slowly moving out of popularity and the new trend of working is for yourself. Who doesn’t want to work on their own time with no cap on the amount of hours they can put in? Uber, Lyft, Etsy, being social media influencers and really any home-based business is the future for Americans. This career choice is climbing to the top of the charts, and it is only expected to keep growing. Unfortunately, most mortgage industry automated underwriting processes are built towards borrowers with annual W2’s and pay stubs which is not beneficial to the new age self-employment.
Have no fear self-employed individuals, gig works, investors and independent contractors because this is where the stated income loan programs really Shine. These loan programs do NOT require W2’s, pay stubs or tax returns. There are many different types of loan programs that fall under the Stated Income Loan tree including DSCR Loans, 12–24-month Bank Statement Loans, TRUE Stated Income Loans, P&L Loans, 1099 Loans and more. In the sections below, you will find further explanation into the differences between these programs and their benefits.
1099 Income Loan Program | Valor Lending Group
1099 Income Loan Programs
A 1099 income loan program is beneficial and another amazing solution for self-employed 1099 workers, including gig workers, contractors, freelancers and self-employed borrowers. Individuals that file W-9s run into issues qualifying for conventional mortgage loans. 1099 loan programs allow these individuals to use there 1099 earning statements to qualify for a mortgage loan instead of using tax documents.
Can I get a loan as a 1099 employee?
The answer is YES! As a 1099 earner you can use your earning statements or bank statements to qualify for your loan. This program is beneficial to 1099 earners that cannot verify there income with their tax returns.
Is it hard to get a loan with a 1099?
1099 earners at times find it difficult to qualify for a mortgage. This is where I come in, Valor Lending Group has multiple sources to help you find the best 1099 program that fits your needs.
1099 Income Loan Program Highlights:
- Owner-Occupied, 2nd Homes, and Investment
- Maximum Loan Amount $7.5M
- Up to 85% LTV
- Credit scores starting at 640
- No tax returns required
- Most recent one or two years 1099 plus year to date earning statement allowed
- Year to date earning statements
- 1099s must be from a single employer
- Borrower must be self-employed working for the same employer for two years
- Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Non-warrantable condos allowed
Your loan could be the next loan we fund!
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Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans
- High Balance Conforming aka Super Conforming
- Jumbo’s to $10 Million / 10% down Jumbo to $1.5mm
- FHA, USDA
- ARM’s
- Reverse mortgages up to $1 Million Value
- Refinance including Cash Out
We look forward to the opportunity to serve you!
**Rates and terms subject to change without notice**
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