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Placentia sits in north Orange County with a strong base of self-employed tradespeople, consultants, and contractors.
If your income comes from 1099s, standard loan programs will likely reject you. This loan was built for your situation.
620+
Min Credit Score
1-2 Years 1099s
Income Docs
10-20% Typical
Down Payment
2 Years Preferred
Self-Employed Min
Lenders typically want 1-2 years of 1099s. They average your income across that period to calculate qualifying income.
Credit requirements vary by lender. Most want a 620+ score. Stronger credit opens more programs and better pricing.
Big retail banks rarely offer 1099 loans. This is a non-QM product — non-traditional mortgage — held by specialty lenders.
SRK CAPITAL works with 200+ wholesale lenders. That reach matters when your income doesn't fit a standard box.
The biggest mistake I see: contractors deduct everything on taxes, then wonder why lenders say income is too low.
With a 1099 loan, lenders use gross 1099 income — not your taxable income. That's a major advantage for heavy deducters.
Bank statement loans use 12-24 months of deposits instead of 1099s. Some self-employed borrowers qualify better that way.
A P&L loan uses a CPA-prepared profit and loss statement. Each option fits a different type of income picture.
Placentia attracts a lot of skilled tradespeople and small business owners who bill clients on 1099 contracts.
Orange County home prices are no joke. You need a loan program that doesn't chop your income in half at qualification.
Most lenders want two years. Some will work with one year if your income is strong and consistent.
Yes. Lenders look at total 1099 income across all sources. More clients often signals more stable earnings.
No — that's the point of this loan. Lenders use your gross 1099 income, not your taxable income after deductions.
A 1099 loan uses IRS income forms. A bank statement loan uses deposit history. Both are non-QM — different evidence, same goal.
Rates run higher than conventional loans. Rates vary by borrower profile and market conditions.
Most programs require at least 10-20% down. Stronger credit and larger down payments improve your rate and approval odds.
1099 Loans in Placentia