Loading
Burlingame's 220 Park office tower just hit 100% occupancy with tenants like Confluent and Upstart, signaling strong local job growth. Self-employed professionals in tech and finance are a natural fit here.
The county's median household income of $156,000 supports homes in the $800,000 to $1,100,000 range comfortably. Self-employed borrowers with solid bank statements and tax returns qualify faster than you'd expect.
620
Minimum FICO
5% to 20%
Down Payment Range
2 years required
Self-Employment History
40–50 days
Typical Close Timeline
$156,000
County Median Income
1099 loans require two years of self-employment history and solid bank statements showing consistent income. Lenders typically want 620+ FICO, though 640+ opens better terms. Down payments range from 5% to 20% depending on income stability and reserves.
The county's $156,000 median household income means a self-employed buyer with $180,000 in documented annual income sits comfortably for a $900,000 purchase.
California brokers have shifted focus to bank statement lending for self-employed borrowers. Traditional lenders now compete on speed and flexibility rather than rigid overlays. Most shops close 1099 loans in 30–45 days when documentation is clean.
Retail banks tend to require longer employment history and higher reserves. Brokers working with portfolio lenders and credit unions move faster on self-employed profiles.
1099 loans make sense in Burlingame when you've built real income stability over two years. The county's $156,000 median income and strong tech sector mean lenders see self-employed borrowers as normal, not risky. Your bank statements tell the real story here.
They don't work if your income is lumpy or you're in year one of self-employment. Lenders want to see consistent deposits and low business volatility. If you're just starting out, wait 12–18 months and come back with cleaner numbers.
Conventional loans require W-2 income and two-year employment history with a single employer. 1099 loans let you use business income from multiple sources and self-employment.
The tradeoff: conventional loans close faster if you're W-2 employed. 1099 loans take longer because underwriters dig deeper into bank statements and tax returns.
Burlingame's downtown dining scene just expanded with Reposado opening in nearby San Mateo. That kind of neighborhood investment signals stable property values and buyer demand.
San Mateo City Council is weighing a regional transit tax to fund Caltrain and BART expansion. Infrastructure investment like this supports long-term home values.
Yes — lenders require two years of personal tax returns plus two years of business returns if you're self-employed. Bank statements for the past 60 days also matter. Together, they prove your income is real and stable.
Yes. 1099 loans let you combine income from consulting, freelancing, rental properties, and side businesses. Lenders average your income over two years and count all documented sources. Conventional loans typically don't allow this flexibility.
620 FICO is the minimum, but 640+ gets you better rates and terms. At 620–639, expect tighter underwriting and higher rates. Above 660, you qualify for the best pricing available. Self-employed borrowers with strong credit move faster.
5% to 20% down, depending on your income stability and reserves. Lenders prefer 10%+ down for self-employed profiles because it shows skin in the game. More reserves (6 months of payments) can offset a smaller down payment.
Plan on 40–50 days with clean documentation. Underwriters spend extra time reviewing bank statements and tax returns, so the process is slower than conventional. If your docs are organized upfront, you'll close on the faster end of that range.
1099 Loans in Burlingame