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Sand City sits inside Monterey County, a market with strong demand and limited inventory. Self-employed buyers here need financing built for how they actually earn.
1099 loans skip the W-2 requirement entirely. Lenders qualify you on your contract income — not what's left after write-offs on your tax return.
620–640
Min Credit Score
1–2 Years of 1099s
Income Docs
10–20%
Typical Down Payment
2+ Years Preferred
Self-Employed History
Non-QM
Loan Type
1099 Loans in Sand City
Most lenders want 1-2 years of 1099 forms showing consistent income. A few will go with just 12 months if your income history is clean.
Credit requirements vary by lender. Expect a minimum around 620-640. Stronger credit gets you better pricing on a non-QM loan like this.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Sand City.
Sand City sits inside Monterey County, a market with strong demand and limited inventory. Self-employed buyers here need financing built for how they actually earn.
1099 loans skip the W-2 requirement entirely. Lenders qualify you on your contract income — not what's left after write-offs on your tax return.
Most lenders want 1-2 years of 1099 forms showing consistent income. A few will go with just 12 months if your income history is clean.
Most retail banks won't touch 1099 borrowers without full tax returns showing strong net income. That rules out a lot of contractors with heavy deductions.
Wholesale lenders built for non-QM lending are where these deals actually get done. We work with 200+ lenders — many of them specialize in 1099 qualification.
The most common mistake I see: contractors apply using tax returns and get denied. Your gross 1099 income is the number that matters here — not after deductions.
Down payment matters more on non-QM. Plan for 10-20% down. Borrowers with 20%+ down get significantly better rate options across our lender network.
Bank Statement loans are the closest alternative. They use 12-24 months of deposits instead of 1099s — better if your income comes from multiple clients or sources.
Profit & Loss loans work if your CPA can document earnings clearly. Asset Depletion loans are another path if you have strong reserves but irregular income.
Sand City is a small but active market in Monterey County. Many buyers here are tied to tech, hospitality, or creative industries — exactly who 1099 loans serve.
Monterey County's coastal economy draws independent contractors. Having the right loan structure ready before you make an offer is critical in a competitive area.
Most lenders want two years. Some will approve with 12 months if your income is consistent and your credit profile is strong.
Not with a 1099 loan. Lenders use your gross contract income — deductions on your return don't reduce what you can borrow.
Plan for at least 10%. Putting down 20% gives you access to better rates and more lender options on non-QM programs.
Yes, non-QM rates run higher than conventional. The tradeoff is qualifying on income that conventional lenders won't accept. Rates vary by borrower profile and market conditions.
Yes. There's no geographic restriction. The loan is based on your income type, not where the property is located.
Multiple 1099s from different clients are fine. A Bank Statement loan might also work well — we can run both scenarios and compare.