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Artesia sits in southeast Los Angeles County, home to a dense mix of small business owners, contractors, and freelancers. Standard W-2 loans leave a lot of these earners behind.
A 1099 loan is a non-QM product — meaning it falls outside conventional lending rules. Lenders qualify you on actual 1099 income, not tax-return write-downs.
620+
Min Credit Score
1-2 Yrs 1099s
Income Docs
10-20%
Down Payment
21-30 Days
Est. Close Time
1099 Loans in Artesia
Most lenders want 1-2 years of 1099 forms showing consistent income. You'll also need a credit score, typically 620 or higher, depending on the lender.
Down payment requirements usually start around 10-20%. The stronger your income history, the better your rate and terms will be.
Most retail banks won't touch 1099 loans. These are wholesale and non-QM lender products — exactly where SRK CAPITAL operates.
We work with 200+ wholesale lenders, so we can shop multiple non-QM programs to find the one that fits your income structure and purchase price.
The biggest mistake 1099 borrowers make: applying at their personal bank. Bank underwriters aren't set up for non-QM. They'll decline you, and that denial wastes time.
A broker who specializes in non-QM can match your income profile to the right lender upfront. That's the difference between approval and a wasted credit pull.
Bank Statement Loans use 12-24 months of deposits to calculate income — better if your 1099s don't reflect what actually hits your account.
Profit & Loss Statement Loans work well if a CPA prepares your financials. Asset Depletion Loans are another option if you have strong reserves but irregular income.
Artesia has a high concentration of independent business owners, consultants, and trade contractors. Many earn solid incomes but write off heavily on taxes.
Those write-offs kill qualifying income on a conventional loan. A 1099 loan sidesteps that problem by using gross 1099 earnings instead of net taxable income.
Lenders typically want 1-2 years of 1099 forms. Some may also request bank statements to verify deposits match reported income.
Yes. Mixed income is common. Lenders will look at both sources and qualify you on the combined picture.
Non-QM rates run higher than conventional rates. The trade-off is qualifying when conventional programs won't approve you. Rates vary by borrower profile and market conditions.
A 1099 loan qualifies you using your 1099 forms. A bank statement loan uses deposit history instead — useful if your deposits exceed your 1099 totals.
Most non-QM lenders want at least a 620 credit score. Higher scores get better rates and may reduce your down payment requirement.
Non-QM loans typically close in 21-30 days. Having clean, organized 1099 documentation upfront speeds the process significantly.