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Tustin has a strong base of freelancers, contractors, and small business owners. Traditional mortgage lending ignores how these borrowers actually earn money.
A 1099 loan uses your contractor income directly — not a tax return that shows write-offs. That makes a real difference in what you qualify for.
620–660+
Min Credit Score
1-2 Yrs 1099s
Income Doc
From 10%
Down Payment
2 Yrs Preferred
Self-Employment
Lenders typically want 1-2 years of 1099 forms showing consistent income. Some also accept a CPA letter confirming your self-employment status.
Expect a minimum credit score around 620-660. Down payments generally start at 10%, sometimes more depending on your income history.
Most retail banks won't touch 1099 loans. This is a non-QM product — meaning it lives in the wholesale and private lending space.
SRK CAPITAL works with 200+ wholesale lenders. We find the ones who actually understand contractor income and price it fairly.
The biggest mistake 1099 borrowers make is waiting. Two solid years of 1099s on file is worth more than any other prep step.
CNBC flagged that 30-year conforming rates hit 6.30% as of March 2026. Non-QM rates run higher — knowing your full picture upfront matters more now.
Bank Statement Loans use 12-24 months of deposits instead of 1099s. If your income runs through a business account, that route may show more.
Profit & Loss Statement Loans work well if a CPA prepares your books. The right path depends on how your income actually flows — not what sounds best on paper.
Orange County's tech, healthcare, and trades sectors produce a lot of 1099 earners. Tustin sits in the middle of that economy.
Home prices in this market mean loan amounts push into jumbo territory. Some non-QM lenders cap out early — you need one with the right capacity.
Most lenders want two years. Some accept one year with strong compensating factors like high reserves or a low debt load.
Yes — that's the point. A 1099 loan uses gross contract income, not your taxable income after deductions.
Expect at least 10% down. Larger down payments can offset weaker income history or a lower credit score.
Yes. Non-QM products carry more lender risk. Rates vary by borrower profile and market conditions.
Some lenders allow blended income. You'll need documentation for both sources and consistent earnings across both.
No. A 1099 loan uses your contractor forms directly. A bank statement loan uses deposit history instead.
1099 Loans in Tustin