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1099 Loans in Simi Valley
Simi Valley attracts independent contractors and self-employed professionals across Ventura County. Traditional mortgage lenders often deny these borrowers despite strong income.
1099 Loans provide an alternative path to homeownership for freelancers and contractors. These non-QM mortgages evaluate income differently than conventional loans.
Self-employed residents in Simi Valley can qualify using 1099 forms instead of W-2s. This approach recognizes the reality of modern work arrangements.
Lenders review your 1099 forms from the past one to two years. They calculate your qualifying income based on documented earnings from clients.
Credit requirements vary by lender but typically start around 600. Down payments usually range from 10% to 20% depending on your profile.
You'll need consistent 1099 income history and adequate reserves. Rates vary by borrower profile and market conditions.
Specialized non-QM lenders offer 1099 Loans throughout Ventura County. These lenders understand self-employed income patterns better than traditional banks.
Working with an experienced mortgage broker gives you access to multiple lenders. Brokers compare programs to find the best fit for your situation.
Portfolio lenders and private money sources provide additional options. Each lender has different guidelines for calculating 1099 income.
Many self-employed borrowers don't realize they have mortgage options. Tax write-offs that reduce taxable income also reduce qualifying income on traditional loans.
1099 Loans solve this problem by using gross income from your 1099 forms. This means you're not penalized for legitimate business deductions.
A knowledgeable broker structures your application to maximize approval chances. We know which lenders offer the most favorable terms for contractors and freelancers.
Bank Statement Loans are another popular option for self-employed borrowers. These use 12-24 months of business bank deposits instead of 1099s.
Profit & Loss Statement Loans work well for business owners with complex income. Asset Depletion Loans qualify you based on liquid assets rather than income.
Each program has advantages depending on your documentation and financial situation. Comparing options ensures you get the best terms available.
Simi Valley's economy supports diverse independent contractors and consultants. The city's proximity to Los Angeles expands business opportunities for freelancers.
Property values in Ventura County require substantial down payments for most borrowers. 1099 Loans help self-employed buyers compete in this market.
Local real estate moves quickly when inventory is limited. Having financing pre-approval strengthens your offer on Simi Valley properties.
Any documented 1099 income from contracting, consulting, or freelance work qualifies. Lenders typically require one to two years of consistent 1099 history from your clients.
1099 Loans use your gross income from 1099 forms rather than tax returns. This means business deductions don't reduce your qualifying income like they do with conventional loans.
Yes, many 1099 Loan programs work for both primary residences and investment properties. Investment properties typically require larger down payments.
Most lenders require minimum credit scores around 600 to 640. Better credit scores result in more favorable rates and terms.
Timeline varies by lender but typically ranges from 21 to 45 days. Having organized documentation ready speeds up the process considerably.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.