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Non-QM - 1099 Only Mortgage

Who is our Non-QM – 1099 ONLY Mortgages Best Suited For?

This mortgage is an excellent option for someone looking to purchase or refinance a home and cannot provide “traditional” income documentation i.e., tax returns as a means of qualification. Unlike most mortgage programs in the marketplace, this mortgage allows you to use only your 1099s that you receive for 2 calendar years as your form of income verification. We must run a 4506 and retrieve a 1099 transcript. This program verifies the validity of the 1099s, ensures they have been filed with the IRS by the issuing party. This program is centered around an applicant who generates income either in the form of commissions or as an independent contractor. We do not require full tax returns or bank statements to verify deposits.

How Do Non-QM – 1099 ONLY Mortgage Works?

These mortgage are portfolio mortgages that are not connected to any government agency. Approvals are heavily focused on your 1099s that are issued to you for the last 2 years. How long you have been in business, and how you derive your income. The focus is to understand your “business concept.”

Mortgage Program Highlights for Non-QM – 1099 ONLY Program

Mortgage amounts up to $3 million for purchase transactions and $2 million for cash-out refinance transactions
Maximum loan to value is 85% on purchase transactions and 70.00% for cash-out refinance transactions
To qualify it must be with 1 or 2 years of 1099s
A minimum credit score of 660 is required for the program
Max DTI is 50%
Minimum of 6 months reserves required**
This program is eligible for purchase transactions or refinance rate and term or cash out
Primary residence, second home and investment properties are eligible for this program
Single family homes, condominiums, and 2-4 unit homes are all eligible for financing
Non-warrantable condo financing available on a case-by-case basis
Gift funds eligible, borrower must have at least 5% of their own money in the transaction
First time home buyers are eligible
Interest only available
5/7/10 year ARM – available
30 and 15 year fixed – available
Minimum mortgage amount is $300,000.00

Mortgage amounts vary based on LTV, Credit, and overall creditworthiness*
More reserves will be required for mortgage amounts over $1,000,000.00**

Mbanc, a mortgage lender. Mortgage bank of california dba mbanc. Nmls id # 38232 (nmls consumer access site). Arizona mortgage banker license – license # 0943170. California – dbo finance lenders law license – license # 60dbo45280. California – dre real estate corporation license endorsement – license # 01521655. Colorado mortgage company registration – regulated by the division of real estate. Connecticut mortgage lender license – license # ml-38232. District of columbia mortgage dual authority license – license # mlb38232. Florida mortgage lender license – license # mld1287. Georgia mortgage lender license/registration – license # 48090 (dba mboc home loans). Hawaii mortgage loan originator company license – license # hi-38232 (dba mboc home loans). Idaho mortgage broker/lender license – license # mbl-2080038232. Illinois residential mortgage license – license # mb.6761396. Maryland mortgage lender license – license # 21870. Michigan 1st mortgage broker/lender license – license # fl0022526. New jersey residential mortgage lender license – regulated by the department of banking & insurance. North carolina mortgage lender license – license # l-183446. Ohio residential mortgage lending act certificate of registration – license # rm.804374.000. Oregon mortgage lending license – license # ml-5804. Pennsylvania mortgage lender license – license # 71003. South carolina-bfi mortgage lender / servicer license – license # mls – 38232, mls – 38232 otn #1 (dba mboc home loans). Tennessee mortgage license – license # 178934. Texas – sml mortgage banker registration – regulated by the department of savings and mortgage lending. Utah mortgage entity license – license # 10877496, 10826912, 10827018. Virginia lender license – license # mc-6638. Washington consumer loan company license – license # cl-38232. Wyoming mortgage lender/broker license – license # 3912. Nmls consumer access site neither mbanc nor mortgage bank of california is a chartered bank or trust company, or depository institution. They are not authorized to accept deposits or trust accounts and are not licensed or regulated by any state or federal banking authority.

Apr of 6.627% based on an investment property cash out 60% ltv with a fico of 688 on a positive debt service transaction with 1% origination fee with a loan amount of 177k apr of 7.757% based on a primary property cash out at 55% ltv with a fico of 652 on a 24 mo business bank statement transaction with a $9000 origination fee with a loan amount of 605k apr of 7.275% based on an investment property purchase at 75% ltv with a fico of 762 on a negative debt service transaction with 1.25% origination fee with a loan amount of 1,269,750 apr of 5.298% based on a primary property purchase at 80% ltv with a fico of 773 on a 12 mo bank statement transaction with a 2% origination fee with a loan amount of 184k the above information is based on specific scenarions. Rates and fees are subject to change and borrowers must meet guideline criteria to qualify. – heter iska

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