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Seal Beach attracts consultants, contractors, and freelancers who earn strong income — just not on a W-2. Traditional lenders will reject those borrowers fast.
A 1099 loan uses your contractor income to qualify. No tax returns required. No employer verification.
620+
Min Credit Score
1-2 Yrs of 1099s
Income Docs
10-20%
Down Payment
2 Years Typical
Self-Employment History
Non-QM
Loan Type
Most lenders want 1-2 years of 1099 forms. They average your gross income, not what's left after deductions.
Credit score minimums typically start at 620. Expect a larger down payment — usually 10-20% depending on your income history.
Big banks don't do 1099 loans. This is a non-QM product — non-qualified mortgage — only available through wholesale lenders.
We shop 200+ wholesale lenders to find the right fit. Rates and terms vary widely. Rates vary by borrower profile and market conditions.
The biggest mistake 1099 borrowers make: filing aggressive write-offs for years, then expecting a lender to count income they legally erased.
Some programs let you use 12 months of 1099s instead of two. If your income jumped recently, that single-year option can make a real difference.
Bank statement loans look at 12-24 months of deposits. 1099 loans look at your contractor forms directly. Both skip tax returns.
If your deposits are clean and consistent, bank statement may price better. If your income is straightforward 1099, this route is simpler.
Seal Beach sits in one of California's higher-cost coastal zones. Home prices push borrowers into jumbo territory fast.
1099 jumbo loans exist — but lender overlays are stricter. Expect higher reserves and tighter debt-to-income scrutiny above conforming limits.
Some programs allow 12-month 1099 income. You'll need strong credit and a solid work history in the same field.
No. Lenders use your gross 1099 income, not your taxable income. That's the core advantage of this program.
Most lenders start at 620. Higher scores get better rates — and better rates matter on pricier Seal Beach properties.
Expect 10-20% down on most 1099 programs. Stronger credit and income history can push that toward the lower end.
Yes. Non-QM products carry a rate premium over conventional. The tradeoff is qualifying on income that conventional lenders reject.
Yes, but expect stricter requirements. Lenders want more reserves and a lower debt-to-income ratio on larger loan amounts.
1099 Loans in Seal Beach