Doctor Mortgage Declined Due to 1099 Income? We Can Help!

Many physician loan programs require locums physicians and other 1099 contractors to produce two years of income history (tax returns) since they have variable income. This is the same as if you were applying for a conventional mortgage.

However, sometimes it’s not possible for a newly locums physician to produce two years of income history before needing to purchase a home. You may be making the switch from W2 employment, or you may be relocating for a new position before you’ve contracted for the full two years.

At NEO Home Loans, our physician home loan programs never require a two-year income history.

As long as you have a signed employment agreement with a guaranteed salary or hourly rate with a stated number of hours to be worked and a satisfactory letter from the hospital or clinic stating that there are no expenses to the doctor for you to perform your medical duties, you can qualify for a physician home loan and take advantage of the amazing benefits:

• 100% financing up to $1M
• 95% financing up to $1.25M
• 90% financing up to $2M
• Save thousands with no mortgage insurance
• Qualify with deferred or IBR student loans
• Close anytime prior to new job start date

The housing market is shifting and giving more power to potential homebuyers. Now is the perfect time for you as a physician to use the home loan benefits you’ve earned to invest in real estate and start building wealth.

Request your free consultation below!