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San Leandro sits in the heart of the Bay Area gig economy. Freelancers, consultants, and contractors here earn strong incomes — but W-2s don't tell that story.
1099 loans use your actual earnings to qualify you. No tax returns required. Your income documents, not your write-offs, drive the approval.
640 FICO (typical)
Min Credit Score
1-2 Years of 1099s
Income Docs
10-20% Typical
Down Payment
Non-QM
Loan Type
Lenders typically want 1-2 years of 1099 forms and proof you're still working in the same field. Consistency matters more than perfection.
Credit requirements vary by lender. Most 1099 programs start around 640 FICO. Down payments typically range from 10-20% depending on loan size.
Most big banks won't touch 1099 loans. This is non-QM territory — specialty wholesale lenders who understand self-employed income.
HousingWire flagged that Pennymac TPO just added a 1099 product to their wholesale lineup. More lender options mean more rate competition for you.
The biggest mistake I see: 1099 borrowers apply with a tax return showing $40K after deductions on $200K gross. That kills the deal at any bank.
With a 1099 loan, we use your actual 1099 income — not the taxable number. That gap is where most self-employed buyers finally get approved.
Bank statement loans are the closest alternative. They use 12-24 months of deposits instead of 1099 forms — useful if income hits multiple accounts.
If your books are clean and your 1099s are consistent, a 1099 loan is simpler. Fewer documents. Faster processing. Same non-QM rate range.
Alameda County home prices push most San Leandro purchases into jumbo or near-jumbo territory. Your 1099 income needs to support larger loan amounts.
San Leandro's proximity to Oakland and San Jose means a dense pool of tech contractors and gig workers — this loan program is built for that profile.
Some lenders accept one year, but two years is the standard. One-year programs usually come with stricter credit and down payment requirements.
Yes. Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.
Mixed income works fine. Lenders can blend both income streams to build a stronger qualification file.
No. You still document your income with actual 1099 forms. Stated income loans — where you just claim a number — are largely gone post-2008.
Loan limits depend on income, credit, and the lender's program guidelines. Non-QM lenders often go well above conforming limits.
1099 Loans in San Leandro