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Brea sits in north Orange County with a strong mix of self-employed consultants, contractors, and gig workers. Traditional W-2 loans leave most of them stuck.
A 1099 loan uses your actual contractor income — not a tax return that writes most of it off. That changes everything for how much house you can buy.
620+
Min Credit Score
1099 Forms
Income Doc Type
10-20%
Down Payment
2 Years
Self-Employment Required
Non-QM
Loan Type
Most lenders want 1-2 years of 1099 forms. Some also ask for a CPA letter confirming you've been self-employed for at least two years.
Credit score minimums typically start at 620. Expect to put down 10-20%, depending on the lender and your income profile.
Big retail banks rarely offer 1099 loans. This is a non-QM product — meaning it lives in the wholesale and private lending world.
At SRK CAPITAL, we shop across 200+ wholesale lenders. That means we find lenders who actually understand 1099 income structures.
The biggest mistake 1099 borrowers make: waiting until after tax season to apply. Heavy write-offs can tank your qualifying income fast.
We often pair 1099 docs with 12 months of bank statements. That combo gives underwriters a fuller picture of what you actually earn.
Bank Statement Loans look at 12-24 months of deposits instead of 1099s. If your income hits a business account first, that may work better.
P&L Statement Loans use a CPA-prepared profit and loss report. For contractors with complex income, that can qualify you at a higher amount.
Brea's job mix skews toward healthcare, tech, and energy — sectors full of independent contractors. 1099 income is common here, not a red flag.
Orange County purchase prices are high. Getting your full income counted — not the reduced tax return version — can mean the difference between qualifying or not.
Most lenders want a two-year self-employment history. Some will consider one year with strong compensating factors like reserves or a high credit score.
Yes. That's the point of this loan. Lenders use your 1099 forms directly, bypassing the tax return that may show reduced income after deductions.
Most programs start at 620. Better rates kick in at 680 and above. Rates vary by borrower profile and market conditions.
Loan limits vary by lender and program. Non-QM lenders often go into jumbo territory. Your qualifying income determines the max.
Typically yes — rates run higher on non-QM products. The tradeoff is qualifying based on real earnings, not a reduced tax return figure.
Yes. 1099 loans work for both purchases and refinances. You'll need the same income documentation either way.
1099 Loans in Brea