1099 STATEMENT LOANS
OUR 1099 LENDING RATES & TERMS:
$75,000 – $3,000,000
5 & 7 year ARM and 30-Year Fixed-Rate Loans
1099 loans are for self-employed individuals who prefer to use their 1099 forms to prove their qualifying income and eligibility for financing. Self-employed borrowers include those with a 25% or greater ownership interest in a business/entity or are paid using the IRS form 1099. 1099 loans do not require you to share your tax returns or W2s.
Up to 80% of the value
$75,000 – $2 million
Purchase or Refinance
Income calculated on the property, not the borrower
Fixed or Adjustable options on 30-year terms
1099 loan financing is available from Non-QM lenders but not from traditional lenders such as banks. Financing a property with 1099 loans is a quick and straightforward process for an experienced lender like American Heritage Lending.
1099 INCOME-BASED FINANCING
1099-based loans are for self-employed borrowers and those with multiple income sources. Common business structures that may be eligible for bank statement loans include:
- Sole proprietorships
- Limited Liability Company (LLC)
Not everyone qualifies for a traditional loan. Self employed people are creative and ambitious and their compensation comes in many forms. American Heritage Lending helps its self employed clients qualify for loans without the traditional income qualification standards.
Why Choose a 1099 Income-BASED LOAN?
If you’re self-employed or report income on a 1099, you are likely to have difficulty getting a loan through a traditional lender like a bank or credit union. With American Heritage Lending, you don’t have to show your tax returns or W2 to get approved for a loan, just your 1099 statement.
We understand the need to move quickly when opportunities arise. Our application, appraisal, and approval process can be accomplished in just a few days to ensure you can negotiate effectively with the property holder.
USE OUR 1099 LOANS WHEN TRADITIONAL LENDING SOLUTIONS ARE NOT AVAILABLE
Traditional banks will often disqualify self-employed borrowers wanting to use their 1099 statement to qualify for a loan or charge them a high rate. This barrier is because lenders calculate your “qualifying” income based on your taxable income. Business owners and self-employed individuals write off many of their business expenses, reducing their taxable income and their “qualifying” income.
American Heritage Lending caters to the self-employed with 1099-based lending options. Qualifying income for our lending services is the 12 or 24 monthly average from the total number of 1099’s minus expenses. These flexible lending options allow self-employed borrowers the same financing abilities as those using their taxes to prove qualifying income.
1099 LOAN SCENARIOS WE COMMONLY ASSIST WITH BUT ARE NOT LIMITED TO:
- Business owners
- Gig jobs
- Seasonal work
Two-year employment history is required for the income to be considered stable and used for qualifying. When the borrower has less than a two-year history of receiving income, the borrower must provide a written analysis to justify the stability of the income used to qualify the borrower. It is essential to establish your income as ongoing to be eligible for a loan.
AMERICAN HERITAGE LENDING, LLC STATE LICENSING INFORMATION - NMLS ID: 93735
Click here for access to the Consumer NMLS
FHA Lender ID 27897-0000-1 ⋅ VA Lender ID 902138-00-00
State licenses: Arizona Mortgage Banker License 0912684; California - Department of Financial Protection and Innovation, Pursuant to California Financing Law License Number 603G668; California - DRE Real Estate Corporation License Endorsement 01844643; Colorado Mortgage Company Registration 93735; Florida Mortgage Lender License MLD94; Iowa Mortgage Banker License 2018-0155; Maryland Mortgage Lender License 18412; Nebraska Mortgage Banker License 93735; Oregon Mortgage Lending License ML-4808; Virginia Broker License MC-5775; Virginia Lender License MC-5775; Washington Consumer Loan Company License CL-93735.
Submitting a form from this website does not obligate you to enter into an agreement with American Heritage Lending, LLC; nor does it constitute an application for a mortgage loan. Submitting this form does authorize yourbridgelender.com to deliver this form to a American Heritage Lending, LLC mortgage loan officer who will contact you by phone and/or email to respond to your inquiry into the American Heritage Lending, LLC mortgage programs and financing solutions.
American Heritage Lending, LLC, is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is: Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.