1099 Loans: Business Owners Can Get Their Home Purchase Financed
George Diamantakis, Snr Loan Officer - Phone: (516) 860-9978
George Diamantakis, Snr Loan Officer at https://CliffcoMortgage.com explains in this brief video what a 1099 Loan is, and how it is applicable to non-W2 home buyers. Whereas a typical home buyer on a W2 will enter into conventional financing tools (such as an FHA loan), business owners, solopreneurs, taxi drivers, etc., have difficulty showing the income they need to purchase a property. A 1099 Loan, one the specialty financial product of Cliffco Mortgage in the non-qualified mortgage universe, bases the application not on the taxable income but on the gross revenue of the business.