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Shafter sits in the heart of Kern County's agricultural and logistics corridor. A lot of workers here earn 1099 income — truckers, contractors, seasonal ag workers.
W-2 loans ignore how self-employed people actually earn. A 1099 loan uses your contract income directly, not what a tax return shows after deductions.
620 (typical)
Min Credit Score
1-2 Years of 1099s
Income Docs
10-20% typical
Down Payment
21-30 days
Est. Close Time
Non-QM
Loan Category
1099 Loans in Shafter
Lenders typically want 1-2 years of 1099 forms. They use your gross contract income, not your taxable income after deductions.
Credit requirements vary by lender. Most want at least a 620 score. Stronger credit gets you better pricing. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Shafter.
Shafter sits in the heart of Kern County's agricultural and logistics corridor. A lot of workers here earn 1099 income — truckers, contractors, seasonal ag workers.
W-2 loans ignore how self-employed people actually earn. A 1099 loan uses your contract income directly, not what a tax return shows after deductions.
Lenders typically want 1-2 years of 1099 forms. They use your gross contract income, not your taxable income after deductions.
Most retail banks won't touch a 1099-only borrower. They're built for W-2s. Wholesale lenders — the ones we access — have specific programs for contract earners.
We work with 200+ wholesale lenders. Several specialize in non-QM products like this. That gives you real options, not just a take-it-or-leave-it offer.
The biggest mistake 1099 borrowers make: they file aggressive tax returns, then wonder why they can't qualify. Write-offs lower your taxable income — and your qualifying income.
Bring your last two years of 1099s and a current contract or client list. Lenders want proof the income is ongoing, not just historical.
Bank statement loans are a close alternative. Instead of 1099s, lenders average 12-24 months of deposits. That works better if your income hits multiple accounts.
Profit & Loss loans use a CPA-prepared P&L statement. If your 1099 income is irregular, a P&L might show a stronger income picture than raw 1099 totals.
Kern County has a dense population of independent truckers, farm labor contractors, and oilfield consultants. 1099 income is the norm here, not the exception.
Shafter's home prices are more accessible than coastal California. That means loan amounts are often within non-QM program limits without stretching into jumbo territory.
Yes. Lenders can blend both income types. Your W-2 portion qualifies under standard rules, and 1099 income is evaluated separately.
Most lenders want two years. Some accept one year with strong compensating factors like a large down payment or high credit score.
They can. Lenders use gross 1099 income, but some programs still reference tax returns. Ask your broker which doc method your lender uses.
Most 1099 programs require 10-20% down. Lower down payments are possible with stronger credit and income documentation.
Yes, typically. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
Plan for 21-30 days. Non-QM underwriting is more manual than conventional. Having clean documentation speeds things up.