Employer contracts with a mortgage loan officer for hire as an independent contractor to provide services for customers and clients of employer.
Illinois Mortgage Loan Officer Agreement - Self-Employed Independent Contractor
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Multi-State
Control #:
US-INDC-145
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Word;
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FAQ
If there is no consistent two-year history of doing extra work outside the employer, it won't likely be used. However, if there is a two-year history of both regular employment and working as an independent contractor, the additional 1099 income can be used to help qualify for an FHA loan.
To calculate your self-employment income for a mortgage application, follow these simple steps: Find your net income from Schedule C on your tax returns for the two most recent years. Add the two figures together. Divide the result by 24.
At a Glance: 1099 workers can qualify for mortgages, but the process is more complex. Prequalification is the first step, providing an estimate of how much you can borrow. Required documents include immigration documentation, tax returns, proof of income, business financial statements, and more.
To calculate your self-employment income for a mortgage application, follow these simple steps: Find your net income from Schedule C on your tax returns for the two most recent years. Add the two figures together. Divide the result by 24.
For the self-employed, it may also take the form of additional documents like: Personal and business tax returns and bank statements. Your business' profit and loss statements, in addition to a balance sheet from the most recent business period. Proof of any additional income such as investment dividends or rental income.
Employees (and employers) are all subject to federal and state wage hour rules. The CFPB refers to Mortgagee Letter 2006-30 and affirms it will follow HUD's rule, which is to say that Mortgage Brokers and Mortgage lenders must pay their loan officers W-2 and that 1099 is illegal under HUD/CFPB Guidelines.
1099 Mortgage Loan Requirements Include: The last six months of 1099 income, less if 1099 income is from most recent employer. Documentation of year-to-date income. 680 minimum credit score. Minimum 10% down with mortgage insurance approval.
Since 1099 mortgage loans are perceived as riskier for the lending institutions than traditional mortgages, lenders often require would-be borrowers to have higher credit scores (at least 620 and over) and lower debt-to-income ratios than typical mortgages (typically 50% or less DTI.)