Are you planning to buy a home? If you are, in that case, it is a matter of a large sum of investment. More often than not, people don’t have a sufficient amount of money at their disposal to afford it. Besides, even if they do, they feel reluctant to invest such a huge amount in a single go. So, what option do you have? Thankfully, you have the option of going with mortgage loans. Mortgage loans have proven to be very useful and a very feasible option for those who are planning to buy a home, as they are allowed to pay the amount in monthly installments. Talking of mortgage loans, different types of them are available. It also needs to be mentioned in this regard that not everybody qualifies for a mortgage loan. Certain criteria need to be met too. However, the two most important aspects that are taken into consideration are your credit score and source of income.
Talking of source of income, you can opt for the 1099 Income Only Mortgage Program. Over the last couple of years, this particular scheme has become very popular in the United States of America and is being availed by thousands.
What is the 1099 income program?
This is a specially designed mortgage program, where home loans are offered using 1099 income for freelancers, artists, independent contractors, and other self-employed professionals. All they need to do is to produce 1099 as proof of their income.
If you are wondering what 1099 is, in that case, it is nothing but a bunch of documents, which is also referred to as information returns by the Internal Revenue Service. There are multiple different types of 1099 forms used which indicate the type of income you generate, other than the salary that you draw. It is the responsibility of your employer to fill up the 1099 form, mentioning all the relevant details pertaining to your employment and income
Benefits of 1099 mortgage loan
There are multiple different reasons why this particular type of loan mortgage has become so popular over the years. As mentioned, if you are a freelancer or an independent professional, in that case, if you go by the conventional mortgage procedure, in that case, you will be asked to produce your income proof. For such professionals, it can be quite difficult to generate such statements. However, in the case of the 1099 mortgage loan program, all you need to do is to get your client or the person you are working for fill up the 1099 form with all the required information. As long as you meet the required criteria, you can avail of the known. With this type of loan program, there is no need to produce tons of other kinds of documents, which otherwise are required in different other forms of mortgage loans.
Are you planning to opt for one? If you are, in that case, You can have a look over the Internet. these days, there are multiple agencies, that are offering 1099 mortgage loans.