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Novato sits at the northern edge of Marin County — one of California's most expensive markets. Self-employed buyers here need a loan that works with 1099 income, not against it.
Traditional lenders often disqualify contractors and freelancers. A 1099 loan uses your actual earnings — not a tax return hammered down by deductions.
620–660 typical
Min Credit Score
1–2 years 1099s
Income Docs
10–20% min
Down Payment
2 years preferred
Self-Employed History
Non-QM
Loan Type
Most lenders want 1-2 years of 1099 forms. Some will accept just 12 months if your income is strong and consistent.
Credit requirements vary by lender. Expect a minimum around 620-660. Stronger credit opens better rates. Rates vary by borrower profile and market conditions.
Big banks rarely offer 1099 loans. This product lives in the non-QM (non-qualified mortgage) space — which means wholesale lenders, not your local branch.
At SRK CAPITAL, we work with 200+ wholesale lenders. We find which ones price 1099 loans competitively for Marin County loan amounts.
The biggest mistake I see: contractors file taxes aggressively, write off everything, then wonder why a lender says their income is $40K. 1099 loans fix that.
We use your 1099 forms — sometimes averaged, sometimes just the most recent year. The structure depends on your income trend. Rising income? One year often works better.
Bank statement loans are the closest alternative. They use 12-24 months of deposits instead of 1099s — better for contractors who mix income sources or bill through an LLC.
Profit and loss statement loans work well if you have a CPA. Asset depletion loans suit borrowers with large reserves but irregular income. The right tool depends on your situation.
Novato has a large population of tech consultants, independent professionals, and creative freelancers — exactly who 1099 loans are built for.
Marin County home prices put most purchases into jumbo territory. Non-QM lenders regularly handle large loan amounts, so this is a workable combination.
Some lenders accept 12 months if your income is strong. Rising income trends make a one-year average more favorable.
Yes. Non-QM lenders regularly approve large loan amounts. Marin County prices are well within reach of 1099 programs.
Lenders use your gross 1099 earnings — not your taxable income after deductions. This is the key advantage over conventional loans.
Most programs start at 10-20% down. Higher down payments can offset weaker credit or shorter income history.
Non-QM rates typically run higher than conventional. The exact difference depends on your credit, down payment, and loan size. Rates vary by borrower profile and market conditions.
No. Sole proprietors qualify. You just need documented 1099 income and a two-year self-employment history in most cases.
1099 Loans in Novato