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1099 Loans in Lemoore
Lemoore has a solid base of independent contractors in agriculture, military contracting at NAS Lemoore, and small business owners. These borrowers get shut down by traditional lenders who can't look past missing W-2s.
1099 loans solve this by qualifying you on your actual 1099 income, not tax returns that show minimal profit after write-offs. You get approved based on what you actually earn, not what you report to the IRS.
Most lenders want 12-24 months of consistent 1099 income from the same industry or client base. Credit scores start at 620, though 660+ gets better pricing.
Down payment minimums run 10-15% for primary homes. Expect higher reserves than conventional loans — usually 6-12 months of housing payments in the bank after closing.
The spread between lenders on 1099 programs is massive. Some want full tax returns and calc income like a conventional loan, which defeats the purpose. Others use just your 1099s and apply a reasonable expense ratio.
We compare non-QM shops that actually understand contractor income. Pricing varies by how aggressive the underwriting is — lighter doc loans cost more but approve borrowers traditional programs reject.
Your CPA probably told you to write off everything to minimize taxes. That kills conventional loan approval but works fine here since we use gross 1099 income before expenses.
The key is showing income stability. Switching industries or losing a major client mid-application will blow up your file. If your 1099 work is seasonal, expect lenders to average income across the full year.
Bank statement loans are the main alternative if you mix 1099 and other income sources. They look at deposits instead of 1099 forms, which works better for cash-heavy businesses or multiple income streams.
Profit and loss loans can work if you have clean books and a CPA letter, but most Lemoore contractors find 1099 programs faster and cheaper since the income documentation is straightforward.
Lemoore's proximity to NAS Lemoore means tons of contractors doing base support work. This income is extremely stable and lenders treat it favorably compared to gig economy 1099s.
Agricultural contractors face more scrutiny due to seasonal income patterns. If you do harvest work or ag services, expect underwriters to request additional documentation showing off-season income or cash reserves.
Yes, as long as it's in the same industry and you have consistent work history. Lenders want to see you're established, not just starting out with scattered gigs.
Most lenders want one or two years to verify you filed. They use your 1099 forms for income calculation, not the tax return net profit.
They take your gross 1099 income and apply an expense ratio, typically 10-30% depending on your industry. The remainder is your qualifying income.
Recent increases help but lenders still average income over 12-24 months. A one-year spike won't override a weak prior year without explanation.
Yes, typically 0.5-2% higher since these are non-QM products. Your credit score and down payment size drive the exact pricing.
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.