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Marina sits on Monterey Bay, drawing contractors, consultants, and gig workers who earn 1099 income. Traditional loans routinely reject these borrowers — even profitable ones.
A 1099 loan uses your contractor income directly. No W-2 required. Lenders look at what you actually earn, not what a tax return makes it look like.
620 typical
Min Credit Score
12-24 mo. 1099s
Income Docs
10-20% typical
Down Payment
21-30 days
Est. Close Time
Non-QM
Loan Type
1099 Loans in Marina
Most lenders want 1-2 years of 1099 forms. Some accept just 12 months if your income is consistent and your credit is solid.
Expect a minimum 620 credit score at most lenders. Stronger scores above 680 open up better rates and lower down payment options. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Marina.
Marina sits on Monterey Bay, drawing contractors, consultants, and gig workers who earn 1099 income. Traditional loans routinely reject these borrowers — even profitable ones.
A 1099 loan uses your contractor income directly. No W-2 required. Lenders look at what you actually earn, not what a tax return makes it look like.
Most lenders want 1-2 years of 1099 forms. Some accept just 12 months if your income is consistent and your credit is solid.
Big banks almost never do 1099 loans. This is a non-QM product — meaning it sits outside standard Fannie Mae and Freddie Mac guidelines.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize specifically in 1099 and self-employed borrowers. We find the one that fits your income structure.
The biggest mistake 1099 borrowers make: applying at a retail bank first. You waste weeks and collect a denial. Start with a broker who knows non-QM.
Your income averaging matters. A lender might average your last 24 months of 1099s. If year one was slow, that drags down your qualifying income. Timing your application can make a real difference.
Bank Statement Loans are the closest alternative. Instead of 1099 forms, lenders average 12-24 months of deposits. Better if your 1099s don't tell the full income story.
Profit & Loss Statement Loans work well for contractors with a business entity. An accountant prepares a P&L — no tax returns needed. Each program fits a different income structure.
Marina has a growing base of defense contractors, tech consultants, and remote freelancers tied to the Monterey Peninsula economy. Many earn strong 1099 income but can't qualify conventionally.
Monterey County home prices demand real purchasing power. A 1099 loan that accurately reflects your income — not your write-down taxable income — can mean the difference between qualifying and not.
Some lenders accept 12 months. You'll need strong credit and consistent income. Two years is always safer and opens more programs.
Not with this program. Lenders use your gross 1099 income, not your taxable income after write-offs. That's the core advantage over conventional loans.
Most lenders start at 620. Scores above 680 get meaningfully better rates. Rates vary by borrower profile and market conditions.
Expect 10-20% down for most 1099 programs. Lower down payments are possible with stronger credit and income documentation.
No. You still document income — just with 1099 forms instead of W-2s. Lenders verify what you actually earned.
Non-QM loans like this typically close in 21-30 days. Having your 1099s and bank statements ready upfront speeds things up.