Loading
Simi Valley has a strong base of self-employed residents — contractors, consultants, and freelancers who earn 1099 income year-round.
Traditional lenders see variable 1099 income and pump the brakes. A 1099 loan is built specifically for how you actually get paid.
620+
Min Credit Score
1-2 Years of 1099s
Income Docs
10-20%
Down Payment
Same Field Required
Income History
Non-QM
Loan Type
Most 1099 loans qualify you using your 1099 forms from the past 1-2 years — not your tax returns, which often show heavy write-offs.
Lenders typically want a 620+ credit score, 10-20% down, and 12-24 months of 1099 income from the same field.
Most retail banks won't touch 1099 income without full tax returns. Wholesale lenders built for non-QM deals are a different story.
We work with 200+ wholesale lenders. Several specialize in 1099 and self-employed borrowers — programs vary widely on rates and overlays.
The biggest mistake I see: 1099 earners try a big bank first, get denied, and assume they can't buy. That's not accurate.
Your write-offs hurt you on a conventional loan. A 1099 loan sidesteps that by using gross income — before deductions hit the return.
Bank statement loans use 12-24 months of deposits to calculate income. 1099 loans use your actual 1099 forms instead.
If your business expenses are low, a 1099 loan often qualifies you at a higher income figure than bank statements would.
Simi Valley sits in Ventura County, where home prices can push buyers into jumbo territory. Your 1099 income needs to qualify at that level.
Many Simi Valley buyers are commuters with project-based contracts — exactly the income profile these loans were designed for.
Some lenders accept just 12 months of 1099 income. More lenders open up — and offer better rates — with a 2-year history.
No. That's the point. 1099 loans use gross income from your forms, not the net figure your tax return shows after deductions.
Most lenders require 620 minimum. Stronger scores above 700 get you better rates and more program options. Rates vary by borrower profile and market conditions.
Yes. It falls outside conventional underwriting guidelines. That means it won't be sold to Fannie Mae or Freddie Mac.
A bank statement loan uses deposit history to calculate income. A 1099 loan uses your IRS forms directly — simpler if your income is documented that way.
Some programs allow 10% down for qualified 1099 borrowers. Loan size and credit profile affect what's available. Rates vary by borrower profile and market conditions.
1099 Loans in Simi Valley