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Chula Vista has a large base of independent contractors, gig workers, and freelancers. Standard W-2 loans simply don't fit how these borrowers earn.
1099 loans are non-QM — meaning they fall outside conventional underwriting rules. They're built specifically for borrowers with variable, self-employed income.
640 (varies)
Min Credit Score
1099 forms
Income Docs
1-2 years
Income History
10-20%
Min Down Payment
Non-QM
Loan Type
Most lenders want 1-2 years of 1099 income to verify your earnings history. You'll typically submit your 1099 forms instead of tax returns.
Credit score minimums vary by lender, but 640 is a common floor. Down payments usually start at 10-20%, depending on your income and loan size.
Most big retail banks don't offer 1099 loan programs. These are wholesale products — you find them through brokers, not branch walk-ins.
At SRK CAPITAL, we shop 200+ wholesale lenders to find which ones price 1099 income most favorably for your specific situation.
The biggest mistake 1099 borrowers make: writing off too much on taxes. Low taxable income kills your buying power on conventional loans.
With 1099 loans, we use your gross 1099 income — not your adjusted number after deductions. That's often a major difference in what you qualify for.
Bank Statement Loans are a close alternative. Instead of 1099 forms, you submit 12-24 months of personal or business bank statements.
If your income mixes 1099 and cash deposits, a Bank Statement Loan may give you more flexibility. We run both options and show you the difference.
Chula Vista's proximity to the US-Mexico border creates a strong cross-border contractor and freelance economy. Many of these borrowers are exactly who 1099 loans serve.
San Diego County home prices are high relative to state averages. Getting credit for your full 1099 gross income can meaningfully increase your purchase budget.
Some lenders accept 12 months. Most prefer two years for a cleaner file. We'll match you to lenders based on your actual history.
Most 1099 loan programs skip tax returns entirely. Your 1099 forms are the primary income document.
640 is a common minimum, but higher scores get better rates. Rates vary by borrower profile and market conditions.
Lenders typically use your gross 1099 income. Deductions on your tax return don't reduce your qualifying number.
Rates run higher than conventional programs because of added lender risk. How much higher depends on your credit, down payment, and income strength.
Yes. Lenders can blend income sources. A broker will structure the file to show your strongest total income picture.
1099 Loans in Chula Vista