Angel Oak - 1099 Income Loan
Best For: Flexible Terms, Cash-Out
30 year fixed loans from $150k - $3 Million.
Program Description
Angel Oak 1099 Income Loan serves self-employed borrowers, including freelancers, contractors, and gig economy workers, who struggle to qualify for mortgages under traditional guidelines. As an alternative solution, 1099 earning statements are used instead of tax returns, enabling these underserved borrowers to achieve homeownership. Allows up to 90% LTV.
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Angel Oak - 1099 Income Loan
Min. Credit Score
660
Min. Down Payment
10%
Max Loan Amount
$3,000,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Utilizes 1099 earning statements to calculate a borrower’s income
- Credit scores starting at 660
- Purchase and cash-out or rate-term refinance
- 1099s must be from a single employer
- Borrower must be self-employed working for the same employer for two years
- Two years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
Program Availability
Angel Oak - 1099 Income Loans are available in 46 states, and Washington D.C..
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“Ideal for self-employed individuals seeking a loan who can not verify their income based solely on tax returns."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
No Limits
Purchase Price Limit
No Limits
Income Limit
No Limits
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Loans up to $3 million with a minimum of $150,000
- Owner-occupied, second homes, and non-owner occupied
- No tax returns required
Additional Conditions
- Loan amounts greater than or equal to $1,500,000, a borrower paid second appraisal must be obtained
- 1099s must be from a single employer and borrower must be self-employed working for the same employer for two years.
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 3%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Related Resources
Why Program is More Important Than Interest Rate
Purchasing a home and selecting a mortgage is one of the biggest financial decisions most people will make. Many potential buyers, especially first-time home buyers, mistakenly believe that finding the lowest interest rate is the most crucial aspect of securing the best mortgage possible. There are several aspects of mortgages, loans, and interest rates that individuals need to understand to make the best decisions possible when buying a home
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
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