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1099 Loans in Burbank
Burbank's diverse economy includes thousands of self-employed professionals who receive 1099 income. Freelancers, consultants, and independent contractors often struggle with traditional mortgage requirements.
1099 loans provide mortgage financing for independent contractors who earn 1099 income instead of traditional W-2 wages. These non-QM loans recognize that tax returns don't always reflect true earning power.
Burbank's thriving entertainment and media industries create strong demand for flexible financing. Self-employed workers in Los Angeles County now have mortgage options designed for their unique income documentation.
1099 loans evaluate income differently than conventional mortgages. Lenders review your 1099 forms directly rather than requiring full tax returns with deductions.
Most programs require 12-24 months of consistent 1099 income history. Credit scores typically start at 600, though some lenders prefer 620 or higher for better terms.
Down payments usually range from 10-20% depending on the lender and property type. Rates vary by borrower profile and market conditions, rewarding stronger applications with more competitive pricing.
Non-QM lenders in Los Angeles County specialize in alternative income documentation. These portfolio lenders keep loans in-house rather than selling to government agencies.
Each lender has different criteria for calculating qualifying income from 1099 forms. Some average your income over 12 months, while others use 24 months or more recent figures.
Working with an experienced broker gives you access to multiple lender options. We compare programs to find the best fit for your specific income pattern and financial goals.
Many self-employed borrowers don't realize they have mortgage options beyond traditional loans. 1099 loans emerged specifically to serve independent contractors who maximize tax deductions.
The key advantage is using gross 1099 income rather than taxable income. This means your business write-offs won't artificially reduce your borrowing power.
Documentation is simpler than full tax return programs. Most lenders need your 1099 forms, bank statements, and a CPA letter or profit and loss statement.
Bank statement loans and profit & loss statement loans serve similar borrowers with different documentation. Bank statement loans use deposits to calculate income, while P&L loans rely on accountant-prepared statements.
Asset depletion loans work best for retired or high-net-worth borrowers. Investor loans focus on rental property cash flow rather than personal income.
1099 loans specifically benefit contractors with clear income documentation. If you receive multiple 1099 forms annually, this program often provides the cleanest approval path.
Burbank's entertainment industry creates a large population of freelance workers. Writers, editors, producers, and technicians commonly earn 1099 income throughout the year.
Los Angeles County property values require substantial financing even for modest homes. 1099 loans help self-employed professionals compete in this competitive market.
Local lenders understand the seasonal nature of entertainment and creative work. They can structure loans that account for income fluctuations common in Burbank's key industries.
You'll need 12-24 months of 1099 forms from your clients or employers. Most lenders also require recent bank statements and a current profit and loss statement or CPA letter.
Yes, most lenders will combine income from multiple 1099 sources. Consistent income history across all sources strengthens your application significantly.
Rates are typically 0.5-2% higher than conventional loans due to flexible underwriting. Rates vary by borrower profile and market conditions, with stronger files earning better pricing.
No, these loans are available for purchasing or refinancing Burbank properties regardless of where you currently live. The property location matters, not your residence.
Most applications process in 3-4 weeks from submission to closing. Having organized documentation ready speeds up the timeline considerably.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.