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Palm Desert draws a lot of self-employed buyers — consultants, real estate agents, seasonal workers. Traditional loans don't work for them.
1099 loans are built for that income type. No W-2 required. Lenders qualify you on what you actually earn.
620+
Min Credit Score
2 Years of 1099s
Income Docs
10–20%
Down Payment
2+ Years Required
Self-Employment
Non-QM
Loan Type
1099 Loans in Palm Desert
Most lenders want 2 years of 1099s. They average your income across both years to set your qualifying number.
Credit score minimums typically start at 620. Expect a larger down payment — usually 10% to 20% depending on the deal.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Palm Desert.
Palm Desert draws a lot of self-employed buyers — consultants, real estate agents, seasonal workers. Traditional loans don't work for them.
1099 loans are built for that income type. No W-2 required. Lenders qualify you on what you actually earn.
Most lenders want 2 years of 1099s. They average your income across both years to set your qualifying number.
Most retail banks won't touch 1099 loans. This is a wholesale and non-QM product — you need the right lender network.
We work with 200+ wholesale lenders. Several specialize in non-QM products built exactly for 1099 borrowers.
The biggest mistake I see: borrowers bring one year of 1099s expecting a quick close. Lenders need two years — no exceptions.
If your income dropped in year two, lenders will use the lower number. A bank statement loan might qualify you for more in that case.
Bank statement loans use 12–24 months of deposits instead of tax returns. That can produce a higher qualifying income for some borrowers.
Profit and loss loans work well if you have an accountant-prepared P&L. Each product fits a different income picture — there's no universal answer.
Palm Desert has a strong market for second homes and luxury properties. 1099 earners buying here often need jumbo-sized non-QM loans.
Riverside County's price range makes 1099 loans very relevant. Many buyers here are gig workers, realtors, or Coachella Valley business owners.
Most lenders require two years. A few non-QM programs allow one year, but expect higher rates and stricter terms.
They average your gross 1099 income over two years. Deductions on your tax return can reduce that number significantly.
Yes. Non-QM products carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
Yes. Non-QM lenders do finance second homes. Expect a larger down payment and slightly higher rate than a primary purchase.
Lenders use a two-year average. High swings make approval harder — a bank statement loan might produce a better number.
Most lenders want two years of self-employment history. Less than that and your approval options get very limited.