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Gridley sits in Butte County's agricultural heart. Many workers here earn 1099 income — farm contractors, equipment operators, seasonal specialists.
Traditional lenders reject these borrowers constantly. A 1099 loan uses your actual contractor income, not a W-2 that doesn't exist.
620 (typical)
Min Credit Score
1-2 Years of 1099s
Income History
10-20% Typical
Down Payment
Non-QM
Loan Type
1099 Loans in Gridley
Lenders typically want 1-2 years of 1099 forms. Some also require a current contract or letter from your client confirming ongoing work.
Credit requirements vary by lender. Most non-QM programs start around 620, but stronger credit gets you better rates. Rates vary by borrower profile and market conditions.
Your local bank almost certainly won't touch a 1099 loan. These are wholesale non-QM products — only available through brokers with the right lender relationships.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize specifically in 1099 and contractor income programs.
The biggest mistake contractors make: filing low taxable income for years, then expecting to qualify on paper income. Lenders use your 1099s as-is.
Some programs average two years of 1099 income. Others use just the most recent year if your income is rising. Picking the right program matters.
Bank statement loans are the closest alternative. They use 12-24 months of deposits instead of 1099s — better if your income hits your account cleanly.
If your business has strong P&L but messy 1099 docs, a Profit & Loss loan may qualify you for more. We run the numbers across all three before recommending one.
Gridley home prices are significantly below California's coastal averages. That works in your favor — lower loan amounts mean less scrutiny at underwriting.
Butte County's contractor workforce is large and underserved by traditional lenders. Non-QM programs were designed for exactly this borrower profile.
Some lenders allow it, especially with rising income. Two years is more common and gets you better program options.
Yes. Most 1099 programs use gross 1099 income, but some lenders factor in business expenses. Ask which method applies.
Expect 10-20% down for most 1099 programs. Stronger credit and income history can get you toward the lower end.
Rates run higher than conventional loans. That's the trade-off for no W-2 requirement. Rates vary by borrower profile and market conditions.
Most lenders ask for two years of 1099s, bank statements, and proof of active self-employment. Some require a client letter or current contract.