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Piedmont sits inside one of the Bay Area's most expensive zip codes. Contractors and freelancers here earn serious money — but W-2 lenders rarely see it that way.
A 1099 loan uses your contractor income directly. No tax-return haircuts. No two-year average that buries your real earnings.
620–660 typical
Min Credit Score
1–2 years of 1099s
Income Docs
10% minimum
Down Payment
2 years required
Self-Employed History
Higher — non-QM premium
Rate vs Conventional
Most 1099 loans require 1-2 years of 1099 forms showing consistent income. Lenders want to see you've been self-employed in the same field for at least two years.
Credit requirements typically start around 620-660. Down payments usually begin at 10%, though 20% gets you better pricing. Rates vary by borrower profile and market conditions.
Most retail banks won't touch 1099 loans. This is a wholesale and non-QM product. You need a broker with access to lenders who actually specialize in it.
HousingWire noted Pennymac TPO just added a 1099 option to their wholesale non-QM suite. More lender competition means more program options for Piedmont borrowers.
The biggest mistake I see: 1099 earners apply at their personal bank first and get denied. That denial can rattle confidence — but it means nothing in the non-QM world.
Income calculation matters here. Some lenders use 100% of your 1099 gross. Others apply an expense factor. Which method your lender uses can change your qualifying income significantly.
Bank Statement Loans are the closest alternative. They use 12-24 months of deposits instead of 1099s — useful if your 1099s are inconsistent but your bank account tells a stronger story.
Conventional loans are cheaper when you can qualify. If your tax returns show strong income, a Fannie Mae loan will beat a 1099 loan on rate every time.
Piedmont is a small, affluent city fully surrounded by Oakland. Purchase prices regularly push into the $1.5M-$2M+ range, meaning loan amounts often exceed conforming limits.
At those price points, a 1099 borrower needs a lender comfortable with both non-QM guidelines and jumbo-sized non-QM loans. Not every wholesale lender handles both.
Some lenders allow one year, but most want two. A stronger credit profile and larger down payment improve your odds with one-year programs.
No. That's the point of this product. Lenders use your gross 1099 income, not your tax return net.
Non-QM lenders often go to $3M or higher. Piedmont prices make high-balance and jumbo non-QM common here.
Yes, expect a meaningful premium. Rates vary by borrower profile and market conditions, but the trade-off is qualifying on real income.
Plan for 21-30 days with a prepared file. Non-QM underwriting is manual, so have your documents ready upfront.
1099 Loans in Piedmont