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1099 Loans in Monrovia
Monrovia's foothill neighborhoods attract independent contractors who need flexible income documentation. Traditional lenders reject most 1099 earners even with strong cash flow.
This loan uses your 1099 income without two years of tax returns. It works for consultants, tech contractors, and gig workers buying in Monrovia's historic districts or newer developments.
You need 12-24 months of consistent 1099 income from at least one client. Lenders verify deposits match your stated earnings through bank statements.
Credit minimums start at 620, but stronger files get 600. Expect 15-25% down depending on your income stability and property type.
Most retail banks won't touch 1099 income without full tax returns. The lenders who offer these loans operate through wholesale channels only.
Rates run 1.5-3% above conventional programs. You pay for the flexibility, but approval odds jump 400% compared to traditional underwriting.
Half my Monrovia 1099 deals involve tech contractors with $200K+ income who show net losses on taxes. Their CPAs optimize for write-offs, making W-2 programs impossible.
The key is showing consistent deposits. If your 1099 income jumps 40% month-to-month, lenders average it down. Stable earners get better terms than erratic contractors.
Bank statement loans require 12-24 months of statements showing all deposits. 1099 loans focus only on contractor payments, ignoring side income or transfers.
P&L loans need a CPA-prepared statement. 1099 programs skip that requirement entirely, saving $800-1,500 in accounting fees and three weeks of processing time.
Monrovia's price range fits 1099 programs better than coastal LA cities. Most properties stay under jumbo thresholds where these loans get expensive fast.
Foothill homes need wind/fire insurance. Lenders count higher premiums in your debt ratio, which matters when qualifying on 1099 income without tax deductions offsetting it.
Yes, most lenders allow 2-3 sources if each shows 6+ months history. They verify deposits match reported 1099 amounts through bank statements.
No, unlike conventional loans. Many 1099 programs approve with 12 months of consistent contractor income from the same industry or client.
Lenders average your last 12-24 months. Seasonal work in the same field qualifies if you show recurring patterns, not random gig work.
Yes, up to 4 units. Rental income from additional units won't help qualification, but lenders allow the purchase with higher reserves required.
Plan for 3-4% of purchase price. Non-QM loans carry higher lender fees than conventional, plus California's standard title and escrow charges.
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.