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Imperial Beach attracts a lot of self-employed buyers. Contractors, freelancers, and gig workers make strong incomes but can't show a W-2.
Standard loans reject these borrowers fast. A 1099 loan uses your actual contractor income — not what the IRS says after deductions.
620+
Min Credit Score
1-2 Years of 1099s
Income Docs
10-20%
Down Payment
21-30 Days
Avg Close Time
Non-QM
Loan Type
1099 Loans in Imperial Beach
Most lenders want 1-2 years of 1099 forms. They average your gross income and qualify you from that number.
Credit score minimums usually start around 620. Expect to put down 10-20% depending on your score and income history.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Imperial Beach.
Imperial Beach attracts a lot of self-employed buyers. Contractors, freelancers, and gig workers make strong incomes but can't show a W-2.
Standard loans reject these borrowers fast. A 1099 loan uses your actual contractor income — not what the IRS says after deductions.
Most lenders want 1-2 years of 1099 forms. They average your gross income and qualify you from that number.
Banks rarely offer 1099 loans. This product lives in the wholesale non-QM market — which is where brokers have the edge.
We shop across 200+ wholesale lenders. That gives you real options, not just whoever your bank happens to work with.
The biggest mistake I see: 1099 borrowers write off too much. Aggressive deductions kill your qualifying income.
If you're planning to buy in the next 12 months, talk to us before filing taxes. The way you file directly affects approval.
Bank statement loans are the closest alternative. They use 12-24 months of deposits instead of 1099 forms.
If your income mixes 1099 and direct deposits, bank statement loans may actually qualify you for more. We run both scenarios.
Imperial Beach sits right on the San Diego Bay coastline. Prices reflect that — this isn't a budget market.
Many buyers here work in defense, tourism, or trades — industries full of 1099 earners. This loan program fits the local workforce well.
Some lenders allow it with strong credit and reserves. Two years is safer and gets you better rates.
Yes. Lenders use gross 1099 income, but heavy deductions signal risk. Talk to us before you file.
1099 loans use your contractor forms to verify income. Bank statement loans use deposit history instead.
Most non-QM lenders want 620 or higher. Better scores unlock lower rates and down payment options.
Yes, but condo approval adds steps. The HOA and building financials also need lender review.
Non-QM loans typically take 21-30 days. Having your 1099s and bank statements ready speeds things up.