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1099 Loans in Pasadena
Pasadena's creative and tech economy runs on 1099 workers. Traditional lenders reject most of these borrowers because they can't show W-2 income, even when they make $200K annually.
Your tax returns tell a different story than your bank account. Most 1099 earners write off expenses that tank their taxable income — exactly what kills conventional loan approvals.
We qualify you on 1099 income without tax returns in most cases. Lenders want 12-24 months of consistent 1099 statements showing your gross revenue before deductions.
Credit scores typically start at 620, though some programs accept 600. Down payment requirements run 10-20% depending on your income stability and property type.
You don't need to be self-employed for years. Many lenders approve borrowers with 12 months of 1099 history if income is strong and consistent.
Banks won't touch 1099 income without two years of tax returns showing qualified income. That's why we work with non-QM lenders who underwrite your actual earnings.
Different lenders calculate 1099 income differently. Some average 12 months, others use 24 months. We shop your file to find who gives you the highest qualifying income.
Rates run 1-3% higher than conventional loans. You're paying for flexibility — the ability to qualify without showing beaten-down tax returns.
Most 1099 earners get rejected because they apply at banks first. By the time they reach us, they think they can't qualify — but their income was never the problem.
We see tech contractors, real estate agents, and consultants get approved at $800K in Pasadena with this program. The key is finding lenders who don't punish you for smart tax planning.
If you've been 1099 for under two years, some lenders want to see W-2 history before that. Pure startup income with no prior work history gets harder.
Bank statement loans review 12-24 months of deposits instead of 1099s. That works better if your income comes from multiple sources or cash payments.
P&L loans use a CPA-prepared profit and loss statement. Faster than bank statements but requires working with an accountant and may show lower qualifying income.
Asset depletion ignores income entirely — you qualify based on investment accounts. Best for semi-retired 1099 workers with significant assets but inconsistent earnings.
Pasadena's single-family market favors 1099 loans over condos. Many non-QM lenders restrict condo approvals or require 25% down for warrantable units.
Properties near Old Pasadena and the Playhouse District appraise easily. Lenders get nervous about unique architecture or fixers — stick with turnkey homes for smoothest approval.
Jumbo 1099 loans above $1M exist but require 20-25% down and stronger credit. Rates vary by borrower profile and market conditions.
Most lenders want 12 months minimum. If you have less, we look for prior W-2 history in the same field to show income stability.
We use gross 1099 income before expenses. Different lenders average differently — some use 12 months, others 24 months of statements.
That's fine. We total all 1099 income and average it. Lenders care about consistency, not how many clients you work with.
Expect 1-3% above conventional rates. The premium buys you approval without tax returns. Rates vary by borrower profile and market conditions.
Yes, but most lenders cap at four units. Down payment requirements increase to 20-25% for investment properties.
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.