Loading
Kern County runs on independent work. Agriculture, trucking, oil, and construction all produce heavy 1099 income.
Wasco borrowers with contract income get rejected by traditional lenders constantly. This loan exists for exactly that situation.
620–660 Typical
Min Credit Score
1–2 Years 1099s
Income Docs
10–20%
Down Payment
1–2 Years Min
Self-Employed History
Lenders use your 1099 forms — typically 1-2 years — to calculate qualifying income. No tax returns required.
Expect a minimum 620-660 credit score and 10-20% down. Strong income history matters more than your tax write-offs.
Most banks in Wasco won't touch 1099 income. They need W-2s and don't have non-QM programs on the shelf.
Wholesale lenders specialize in this. A broker with access to 200+ lenders can find programs your local bank never offers.
The biggest mistake 1099 borrowers make is trying a big bank first. They waste weeks and collect a hard credit pull.
Your gross 1099 income is the number that matters here. Lenders back out a percentage for expenses — typically 10-15%.
Bank Statement Loans use 12-24 months of deposits instead of 1099s. Better if your income hits a business account.
P&L Statement Loans work if a CPA prepares your profit and loss. Each option fits a different income paper trail.
Wasco sits in the heart of California's San Joaquin Valley. Farm labor contractors, crop haulers, and field supervisors often earn 1099.
Home prices in Wasco run lower than coastal California. That works in your favor — loan amounts stay manageable for non-QM programs.
Most lenders want two years. Some accept one year with strong income and good credit.
Not here. Lenders use your gross 1099 income, not your taxable income after deductions.
Yes. Lenders add up all 1099 forms. Multiple income sources can actually strengthen your file.
Yes, typically. Non-QM programs carry more lender risk. Rates vary by borrower profile and market conditions.
Some lenders allow it with compensating factors like higher down payment or strong reserves.
Possibly, if income is documented consistently across two years. Gaps or sharp drops are a harder story to tell.
1099 Loans in Wasco