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1099 Income Loans

1099 Loans | Superior Funding Corporation
  • Designed for self-employed borrowers
  • Best suited for sole-proprietor contractors
  • Provide alternative income verification path
  • Income verified using 1099 forms
  • Tax returns are not used for income documentation
  • Purchase, Refinance, Cash-out refiinance

Debt Service Coverage Ratio (DSCR) programs offer significant documentation relief compared to traditional underwriting standards by focusing solely on the subject property. Evaluated are potential rental income and total property expenses. Employment income is not documented or evaluated. Primary residence expense and income/loss from other properties owned are not considered. Borrower’s credit history and subject property investment performance are the only major factors.

Certain restrictions apply. The borrower must have good credit history and certain credit depth. The program is not offered to first time homebuyers, and first time investors need to meet more stringent credit standards. Some other limitations apply. Please contact us for additional details.

 
 

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