SELF-EMPLOYED ALTERNATIVE DOCUMENTATION
1099 Only Loans
Contractor with a strong year of 1099s and a return full of write-offs that kills the DTI. On Expanded, Castor's 1099 only mortgage program qualifies the file on 12 months of 1099s with no returns and no bank statements.
What Is a 1099 Only Mortgage?
Castor Financial's 1099 only mortgage program qualifies contractors and sole proprietors on 12 months of 1099 income with no tax returns and no bank statements required. Minimum FICO is 620 and loan amounts reach $2 million. Gift funds are allowed and interest-only terms are available.
Why Brokers
Choose Castor
For 1099 Loans
12-months of 1099s, Nothing Else.
EXPANDED
No tax returns and no bank statements. The 1099s are the income documentation, which removes the write-off problem that sinks so many self-employed files.
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Credit Events
EXPANDED
Twelve months of 1099s work for a borrower carrying a bankruptcy, foreclosure or short sale seasoned as little as 24 months.
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Down to 620 FICO
EXPANDED
A contractor with thin or bruised credit still has a path here, and gift funds are allowed toward the transaction.
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Interest-Only Options
EXPANDED
A 10-year I/O period on a 30 or 40 year term, which can meaningfully change the payment for a borrower with uneven month-to-month income.
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Program Name | Max Loan Amount | Min FICO | Max LTV | Occupancy |
|---|---|---|---|---|
Expanded | $2,000,000 | 620 | 80% | Primary, Second, Investment |