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Commerce sits in Los Angeles County where the median household income of $87,760 supports purchases in the mid-range. Self-employed borrowers here are increasingly turning to 1099 loan programs after traditional banks reject their applications.
The 2026 conforming limit for Commerce is $1,249,125. Non-QM lenders now compete directly with banks on speed and approval rates for self-employed borrowers.
620 FICO
Minimum Credit Score
Business bank statements
Documentation Required
5% to 25%
Down Payment Range
30-45 days
Typical Closing Time
1099 Loans in Commerce
1099 loans accept self-employed borrowers with two years of tax returns and business bank statements. Credit scores typically start at 620, though 640+ improves terms and rate pricing.
The county's median household income of $87,760 means a typical buyer here carries business income between $60,000 and $120,000 annually. Down payments range from 5% to 25% depending on the lender and your cash reserves.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Commerce.
Commerce sits in Los Angeles County where the median household income of $87,760 supports purchases in the mid-range. Self-employed borrowers here are increasingly turning to 1099 loan programs after traditional banks reject their applications.
The 2026 conforming limit for Commerce is $1,249,125. Non-QM lenders now compete directly with banks on speed and approval rates for self-employed borrowers.
1099 loans accept self-employed borrowers with two years of tax returns and business bank statements. Credit scores typically start at 620, though 640+ improves terms and rate pricing.
Non-QM brokers dominate 1099 lending in California because traditional banks apply strict W-2 income rules. Bank statement loans and DSCR (debt-service coverage ratio) products fill the gap for self-employed borrowers.
Closing timelines run 30 to 45 days for 1099 loans, slightly longer than conventional. Underwriting focuses on business income stability and personal credit rather than employment verification.
1099 loans make sense for Commerce self-employed buyers earning $60,000 to $150,000 annually with solid business bank statements. Above $150,000 annual income, conventional loans often beat 1099 rates if you have two years of filed tax returns.
Below $60,000 annual business income, lenders tighten reserves and down-payment requirements. At that level, a co-borrower with W-2 income or a larger down payment becomes necessary.
1099 loans accept business bank statements where conventional loans demand two years of filed tax returns. For self-employed borrowers who've been in business less than two years, 1099 is the only path forward.
Conventional loans typically run 0.25% to 0.5% lower in rate when you qualify. The tradeoff: conventional underwriting takes longer and rejects more self-employed applicants outright.
Commerce is an industrial hub in Los Angeles County with strong logistics and manufacturing employment. Self-employed contractors and business owners here benefit from 1099 loans designed specifically for non-traditional income.
The county's $87,760 median household income reflects a mix of wage earners and self-employed workers. 1099 loans recognize that self-employed income is often higher than W-2 income but harder to document through traditional channels.
1099 loans use business bank statements instead of tax returns. You'll need 12 to 24 months of statements showing consistent business income.
Most lenders start at 620 FICO. Scores above 640 provide better rates and terms. Higher scores reduce down-payment requirements.
Yes. 1099 loans accept borrowers with less than two years in business if bank statements show consistent income. Conventional loans require two years of tax returns.
Down payments range from 5% to 25% depending on credit score and business income stability. Larger reserves can offset a lower down payment.
Typical closing is 30 to 45 days. Non-QM lenders move faster than banks because they focus on bank statements rather than employment verification.