When purchasing or refinancing a home, not everybody is able to provide “traditional” income documentation, such W2s in order to qualify. Freelancers or independent contractors, whose income varies, might not be sure how to apply for a mortgage loan. But MBANC’s 1099 mortgage loans are designed specifically to benefit people in this situation.
MBANC’s non-QM-1099 allows you to only use the 1099 forms that you receive from the past two calendar years to verify income. Our program verifies your 1099 forms and ensures that they have been filed with the IRS. This is a portfolio mortgage that isn’t connected to any government agency, thus approval is heavily focused on your 1099s, how long you’ve been in business, and how you derive your income. Unlike others, we focus on understanding your business concept.
What kinds of purchases are eligible?
- First time home buyers
- Purchase or refinance
- Up to $4 million for purchase transactions
- Up to $2 million for cash-out refinance transactions
- Primary residence, second home and investment properties are eligible
- Investment property types: single family homes, condominiums, and 2–4 unit homes
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