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Clovis has a strong base of self-employed tradespeople, consultants, and contractors. Many earn solid income but can't show a W-2 — and that's exactly who 1099 loans are designed for.
This is a non-QM loan. That means it sits outside standard Fannie Mae guidelines. Lenders look at your 1099s directly instead of tax returns that often show lower net income.
620–680+
Min Credit Score
1–2 Years
1099 History Needed
Gross 1099 Average
Income Method
10–20%
Min Down Payment
Non-QM
Loan Type
1099 Loans in Clovis
Most lenders want 1-2 years of 1099s from the same line of work. They're verifying consistency, not just a good year. Switching industries mid-stream raises flags.
Credit requirements vary by lender. Stronger credit unlocks better pricing. Expect lenders to ask for 680 or higher on competitive programs, though some go lower with bigger down payments.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Clovis.
Clovis has a strong base of self-employed tradespeople, consultants, and contractors. Many earn solid income but can't show a W-2 — and that's exactly who 1099 loans are designed for.
This is a non-QM loan. That means it sits outside standard Fannie Mae guidelines. Lenders look at your 1099s directly instead of tax returns that often show lower net income.
Most lenders want 1-2 years of 1099s from the same line of work. They're verifying consistency, not just a good year. Switching industries mid-stream raises flags.
Big retail banks rarely touch 1099 loans. They're built for W-2 borrowers and move on when the file gets complicated. Wholesale lenders are where these programs actually live.
At SRK CAPITAL, we work with 200+ wholesale lenders. That matters because 1099 guidelines vary a lot across lenders — one might approve what another declines.
The most common mistake I see: borrowers come in with only one year of 1099s. Two years is cleaner and gets you far better pricing. If you're planning ahead, keep that in mind.
High write-offs on Schedule C will hurt a bank statement or tax return loan — but not this one. A 1099 loan uses gross earnings from your forms, not your adjusted net.
Bank statement loans are the closest alternative. They work great when you run expenses through a business account. If your income flows directly to you as 1099, this program is cleaner.
P&L loans are another option, but they require a CPA-prepared statement. A 1099 loan needs less paperwork for many contractors — just your forms and some verification.
Fresno County has a large agricultural and construction sector. Many workers here are paid as independent contractors with 1099s year-round. This loan fits that income pattern directly.
Clovis home prices are lower than coastal California markets. That's an advantage — your 1099 income stretches further here than it would in the Bay Area or LA.
Some lenders allow it, but two years is standard. One year works only with strong credit and a larger down payment.
No. Multiple clients are fine. Lenders want to see consistent total income, not income from a single source.
They typically average your gross 1099 income over 24 months. High write-offs on taxes don't reduce this number.
Yes. Many wholesale lenders extend 1099 programs to non-owner-occupied properties. Rates and down payment requirements differ.
Most programs start at 10-20% down. Stronger credit and more reserves can lower that requirement with some lenders.
Yes, typically. Non-QM pricing reflects added lender risk. Rates vary by borrower profile and market conditions.