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1099 Loans in West Hollywood
West Hollywood runs on 1099 income. Production coordinators, casting directors, publicists, stylists, content creators—most of the city's workforce files as independent contractors.
Traditional underwriting punishes inconsistent income streams. A stylist who earned $180K last year and $95K the year before gets treated like a default risk by conventional lenders.
1099 loans ignore arbitrary W-2 standards. They qualify you on what you actually earn, not what fits outdated employment boxes.
You need 12-24 months of 1099 forms showing consistent income. Lenders average your earnings across that period to determine qualifying income.
Credit requirements start at 620, though 660+ unlocks better rates. Down payments range from 10-20% depending on property type and credit profile.
Self-employment must be established for at least 2 years. A production assistant who went freelance six months ago won't qualify yet.
Documentation includes tax returns, current 1099s, and proof your business is active. Some lenders accept bank statements as backup verification.
Portfolio lenders dominate this space. Most big banks won't touch 1099 income unless it looks exactly like W-2 earnings.
Rate spreads run 0.5-1.5% above conventional loans. A freelancer pays more than a salaried employee with identical credit.
We access 40+ non-QM lenders who specialize in self-employed borrowers. Each handles income calculation differently—some average 12 months, others require 24.
Approval speed matters here. Creative professionals lose deals when underwriting drags past 30 days.
The biggest mistake is waiting until tax season. Get pre-approved in July when you already have 6-7 months of current year 1099s to show income momentum.
Don't average down your income with excessive write-offs. That home office deduction saves $3K in taxes but costs $50K in buying power.
Multiple 1099 clients strengthen your file. A makeup artist with 8 regular clients looks more stable than one serving a single production company.
West Hollywood condos under $1.2M close fastest. Anything higher triggers stricter scrutiny on income documentation.
Bank statement loans work better if your 1099s don't reflect actual income. Personal deposits tell a different story than tax returns.
P&L loans suit established businesses with clean books. But most West Hollywood freelancers lack formal accounting systems.
Asset depletion makes sense for high-net-worth creatives who keep income low on paper. You qualify based on investment accounts, not 1099s.
Each program uses different income calculations. We run scenarios across all three to find your highest approval amount.
West Hollywood's small footprint means limited inventory. You need approval ready before touring properties—most condos get multiple offers within days.
HOA dues run $400-900 monthly and count against debt ratios. High dues shrink your qualifying amount more than the mortgage payment itself.
Parking adds $75K-150K to condo values here. Lenders don't adjust appraisals for it, but buyers absolutely pay premiums for assigned spaces.
Many buildings restrict rentals. If you're buying as a backup plan for slow work years, verify rental policies before closing.
Yes, lenders combine all 1099 income sources. Multiple clients actually strengthen your file by showing diversified revenue streams.
Lenders average 12-24 months, so one slow year won't disqualify you. But a declining trend triggers stricter review.
Most verify through tax transcripts from the IRS. Direct client contact is rare unless income appears questionable.
Lenders use your net income after deductions. Heavy write-offs lower your buying power even if they save taxes.
Yes, if your documentation is complete upfront. Missing tax returns or unclear income sources cause delays.
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.