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Bakersfield runs on independent workers — oil field contractors, ag consultants, truckers, and tradespeople. W-2 income doesn't tell their story.
A 1099 loan uses your contractor income directly. No tax returns that wipe out your earnings with deductions.
620+
Min Credit Score
1-2 Years 1099s
Income Docs
10-20%
Down Payment
12-24 Months
Self-Employment
Non-QM
Loan Type
1099 Loans in Bakersfield
Lenders typically want 1-2 years of 1099 forms plus proof you're still actively working. Some accept just 12 months.
Credit requirements run higher than FHA — most lenders want a 620 minimum, with better pricing above 680. Down payment is usually 10-20%.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Bakersfield.
Bakersfield runs on independent workers — oil field contractors, ag consultants, truckers, and tradespeople. W-2 income doesn't tell their story.
A 1099 loan uses your contractor income directly. No tax returns that wipe out your earnings with deductions.
Lenders typically want 1-2 years of 1099 forms plus proof you're still actively working. Some accept just 12 months.
Your local bank almost certainly won't do this loan. These are non-QM products — non-traditional loans that fall outside standard Fannie Mae guidelines.
Wholesale lenders specialize here. Rates and guidelines vary widely across them. Shopping matters more on this loan than almost any other.
The biggest mistake I see: contractors apply with two years of heavily written-off returns, get denied, then wonder why. 1099 loans bypass that problem entirely.
We pull your actual 1099 income, average it over 12 or 24 months, and build the file from there. Clean paper trail beats a CPA's creative deductions every time.
Bank Statement loans are the closest alternative. If your business expenses are high, bank statements may show more usable income than your 1099s alone.
P&L loans work if you have a bookkeeper producing monthly statements. Asset Depletion loans fit contractors who've saved heavily but have slow recent income.
Bakersfield's oil and gas sector produces a lot of 1099 earners — drilling consultants, equipment operators, inspection contractors. This loan is built for that income profile.
Agricultural and logistics work in Kern County follows the same pattern. Seasonal spikes are common. Lenders average your income, so one big year helps even out leaner months.
Some lenders accept 12 months of 1099 income. Two years gives you more options and better pricing.
No. Lenders use your gross 1099 income, not your taxable income after deductions. That's the core advantage.
Most 1099 lenders want at least 620. Scores above 680 unlock better rates and lower down payment options.
Lenders average your 1099 income over 12 or 24 months. Consistent earnings matter more than any single big year.
Yes, rates run higher than conventional loans. You're trading documentation flexibility for a slightly higher rate. Rates vary by borrower profile and market conditions.
Absolutely. Drilling consultants, inspection contractors, and equipment operators are exactly who this product serves.