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Loma Linda runs on self-employed income. Healthcare contractors, consultants, and freelancers working near the university and medical center rarely have W-2s.
Standard loans reject 1099 earners based on tax returns. Your write-offs tank your qualifying income — even when your bank account tells a different story.
640+
Min Credit Score
1-2 Yrs 1099s
Income Docs
10-20%
Down Payment
2 Yrs Preferred
Self-Employment
You qualify using your 1099 forms — typically one to two years. Lenders calculate income directly from those forms, bypassing your tax return deductions.
Most lenders want a 640+ credit score and 10-20% down. Debt-to-income rules are more flexible than conventional loans, but you still need clean payment history.
Retail banks rarely offer 1099 loans. This is a non-QM product — meaning it lives in the wholesale lending space, not at your local branch.
SRK CAPITAL works with 200+ wholesale lenders. We find who's pricing this product competitively and whose guidelines actually fit your income structure.
The biggest mistake 1099 borrowers make: waiting until tax season. Your most recent return might show heavy write-offs that hurt your file. Timing matters.
We've seen contractors earning $200K+ get denied at a bank. The same borrower closes easily with the right non-QM lender reading the 1099s directly.
Bank Statement Loans use 12-24 months of deposits to calculate income. That's better if your 1099s are inconsistent or your income comes from multiple sources.
Conventional loans will almost always yield a lower rate. But if your tax returns don't show enough income to qualify, conventional isn't actually an option.
Loma Linda University Medical Center draws a steady stream of contract workers, traveling nurses, and independent specialists — all prime 1099 loan candidates.
San Bernardino County has a wide price range. That gives 1099 borrowers real options, from entry-level condos to larger single-family homes, without needing jumbo loan territory.
Some lenders accept one year, but two years is the standard. One-year programs often require a higher credit score or larger down payment.
Yes, typically. Non-QM pricing carries a premium over conventional rates. Rates vary by borrower profile and market conditions.
Lenders usually average the two years. A significant drop in year two can hurt — we look for lenders who favor the most recent year.
Yes. All 1099 sources count. Lenders want to see the forms, not just totals — have every 1099 from each client organized and ready.
The process takes more documentation upfront. With the right lender and broker, timelines are comparable to standard non-QM loans.
1099 Loans in Loma Linda