Loading
Coronado is one of the priciest zip codes in San Diego County. Freelancers and contractors who live or work here need a loan that matches how they actually earn.
Standard W-2 loans routinely reject high-earning 1099 workers. Your gross income looks great — until a lender runs it through a tax return full of write-offs.
660+
Min Credit Score
1-2 Yrs 1099s
Income Docs
10-20%
Down Payment
Non-QM
Loan Type
No
Tax Returns Needed?
A 1099 loan qualifies you using your 1099 forms — not your tax return. Lenders typically want 1-2 years of 1099s showing consistent income from your contracting work.
Most lenders require a 660+ credit score and 10-20% down. Debt-to-income ratios are calculated differently here, which actually helps high-earning contractors.
Most retail banks don't offer 1099 loans. This is a non-QM product — meaning it lives outside standard government lending rules — and only select wholesale lenders handle it.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize in non-QM income products built specifically for 1099 earners. Rates vary by borrower profile and market conditions.
The biggest mistake I see: a contractor assumes their CPA-optimized tax return helps them. It doesn't. A $300K gross year becomes $90K after deductions — and lenders use that $90K.
With a 1099 loan, we go around that. Your 1099s show what you actually earned. That's what qualifies you, and for Coronado price points, that difference is everything.
Bank Statement Loans are the closest alternative. Instead of 1099s, those use 12-24 months of deposits to calculate income — useful if your 1099s are inconsistent year to year.
Asset Depletion Loans work for contractors with strong savings but lower current income. Each option fits a different income profile. One conversation usually narrows it down fast.
Coronado homes often price well above conforming loan limits. That pushes many 1099 borrowers into jumbo non-QM territory — which has its own overlays around reserves and credit.
Many Coronado buyers are defense contractors, consultants, or military-adjacent professionals on project-based contracts. The 1099 loan was built for exactly that income type.
Most lenders want two years. Some accept one year if your income is strong and consistent. We'll match you to the right lender for your situation.
You can, but it usually hurts you. Deductions reduce your qualifying income significantly. The 1099 loan exists specifically to avoid that problem.
Plan for 660 minimum, but 700+ gets you better pricing. Coronado's price range makes your credit profile even more important.
Yes, typically. Non-QM loans carry more lender risk, so rates run higher. Rates vary by borrower profile and market conditions.
Inconsistent income is harder to document on a 1099 loan. A Bank Statement Loan may be a better fit — we'll compare both options.
Yes. Several of our lenders combine non-QM and jumbo guidelines. Expect higher reserve requirements and a larger down payment.
1099 Loans in Coronado