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1099 Loans in Corcoran
Corcoran's economy runs on agriculture and small business. That means many borrowers here earn 1099 income from farming contracts, trucking, or service work.
Traditional lenders reject most 1099 earners because tax write-offs reduce their qualifying income. A bank statement or P&L loan works better for self-employed borrowers in Kings County.
You need 12-24 months of consistent 1099 income to qualify. Lenders calculate income based on bank deposits or profit-loss statements, not what you report to the IRS.
Credit scores start at 600 for most programs. Down payments run 10-20% depending on credit strength and how stable your income stream looks.
Big banks won't touch 1099 loans. They require two years of tax returns and average your income after deductions, which kills your buying power.
Non-QM lenders use bank statement analysis or profit-loss statements instead. We work with 200+ wholesale lenders who specialize in self-employed borrowers across California.
Most 1099 borrowers in Corcoran write off everything they can. That's smart for taxes but terrible for mortgage approval at conventional lenders.
Your best move: use a bank statement loan if you have steady deposits. If income fluctuates seasonally, a 24-month lookback smooths out the gaps better than 12 months.
Bank statement loans work when you have clean business account activity. P&L loans make sense if you mix business and personal funds or have irregular deposits.
Asset depletion loans help if you're cash-rich but show low income. Investor loans work for rental property buyers who want rental income to qualify.
Corcoran's property values stay affordable compared to coastal California. That helps because non-QM loans carry higher rates than conventional programs.
Seasonal farm income creates qualifying challenges. Lenders want to see year-round deposits, so if you earn most income during harvest, expect extra scrutiny on cash reserves.
Most lenders require 24 months of 1099 history. A few programs accept 12 months if you have strong credit and 20% down.
They count consistent income from the same sources. One-time contracts or sporadic gigs get excluded from qualifying income calculations.
Rates run 1-3% higher than conventional loans. Your actual rate depends on credit score, down payment, and income documentation strength.
Yes. Investor loan programs combine with 1099 income documentation and use projected rental income to help you qualify.
Not on bank statement or P&L programs. These lenders use gross deposits or revenue, so tax deductions don't reduce your qualifying income.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.