What is a 1099 Form?
A 1099 is a form that is used to report income received through sources other than employment. They serve as a record that reflects income given to someone by a person or organization that they are not formally employed by. A 1099 Form is another option for stating income other than the W-2.
- Min FICO 620
- 90% LTV (loan-to-value ratio)
- Qualify using either 12 or 24 months
- 1099 tax returns not required
- 55% DTI (debt-to-income ratio)
- Interest only
- Loan amounts up to $3 million
Who Needs a 1099 Form?
Anyone who is an independent contractor or self-employed is required to use a 1099 instead of a W-2 when filing taxes. If an individual is not a standard employee, and they earned at least $600 during the year through services, a 1099 Form is required.
