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Dana Point attracts consultants, contractors, and freelancers who work on their own terms. That kind of income doesn't fit a W-2 box — and most banks won't touch it.
1099 loans are built for exactly this borrower. Your actual earnings drive the approval, not a pay stub you'll never have.
640+
Min Credit Score
1-2 Yrs of 1099s
Income Doc
10-20% Typical
Down Payment
Non-QM
Loan Type
200+ Wholesale
Lender Access
Lenders typically want 1-2 years of 1099 forms showing consistent income. Some accept just one year if your income is strong.
Credit requirements are higher than FHA. Expect a 640 minimum from most lenders, with better pricing above 700.
Big banks almost never offer 1099 loans. This product lives in the wholesale and non-QM lending space.
We work with 200+ wholesale lenders. Several specialize in non-QM products and price these loans competitively.
The biggest mistake 1099 borrowers make: applying at their personal bank first. Those banks almost always decline or counter with bad terms.
Your 1099s need to show the income clearly. If your forms are messy or inconsistent, lenders get nervous fast.
Bank statement loans use 12-24 months of deposits instead of 1099s. They work well if you run expenses through a business account.
P&L statement loans go further — a CPA prepares a profit and loss statement, and the lender qualifies you off that. Each option fits a different income picture.
Dana Point has a strong base of self-employed professionals — marine trades, real estate, hospitality, and creative industries all run deep here.
Home prices in coastal Orange County push buyers toward larger loan amounts. Lenders on 1099 programs can go jumbo, but expect tighter scrutiny above conforming limits.
Most lenders want two years, but some accept one with strong income. Consistency matters more than length.
Yes. 1099 loans work for purchase and refinance. Down payment typically starts at 10-20% depending on the lender.
Most non-QM lenders require 640 minimum. Pricing improves noticeably above 700. Rates vary by borrower profile and market conditions.
1099 loans use your contractor income forms directly. Bank statement loans calculate income from monthly deposits instead.
Yes, typically. Non-QM pricing carries a premium. Rates vary by borrower profile and market conditions.
Some lenders allow it. Expect tighter credit and reserve requirements above conforming loan limits.
1099 Loans in Dana Point