Loading
1099 Loans in Loomis
Loomis attracts consultants, contractors, and freelancers who work remotely or service Sacramento-area clients. Traditional lenders reject most 1099 earners because tax write-offs reduce qualifying income to levels that don't support the local home prices.
1099 loans ignore tax returns and underwrite to your actual deposits. You prove income through 12 or 24 months of bank statements, which capture your gross revenue before deductions tank your qualifying power.
You need 12-24 months of consecutive bank statements showing regular deposits. Lenders calculate an average monthly income, then apply a percentage (usually 50-75%) to account for business expenses you can't document.
Most programs require 10-20% down, 660+ credit, and reserves covering 6-12 months of payments. Mixed income works—if you have both 1099 and W-2 income, we combine them for qualification.
These are non-QM loans, so you won't find them at Wells Fargo or Chase. SRK CAPITAL works with specialized wholesale lenders who actually understand 1099 income structures and don't treat self-employment like a risk factor.
Different lenders calculate income differently—some average all deposits, others exclude transfers and one-time payments. We shop your statements across lenders to find who gives you the highest qualifying income.
Clean up your bank statements before applying. Lenders flag non-sufficient funds, excessive cash deposits, and irregular payment patterns. Three months before you apply, route all business income through one account and stop commingling personal transfers.
If you've been 1099 for under two years, we can sometimes blend your previous W-2 history with recent bank statements. It's harder but works when statements alone fall short.
Bank statement loans work similarly but base qualification on percentage of deposits rather than specific 1099 forms. Profit & Loss loans require a CPA to prepare financials, which works if your books are pristine but adds cost and time.
1099 loans typically price 0.25-0.75% higher than conventional rates. That spread pays for the flexible underwriting—you're trading rate for approval odds when tax returns disqualify you from agency programs.
Loomis sits in Placer County, where many buyers work tech or consulting contracts in Sacramento or Roseville. Appraisers understand the area draws remote workers, which helps when your income source isn't geographically tied to the property.
Property types matter—standard single-family homes in Loomis subdivisions underwrite smoothly. Rural parcels or properties on larger lots sometimes hit appraisal issues that tighten already-strict non-QM guidelines.
Most lenders require 12-24 months of statements, but some accept shorter history with larger down payments. We check your full profile to see if blending previous W-2 work makes you qualify.
No—lenders exclude transfers between your own accounts, reimbursements, and one-time windfalls. Only recurring business deposits count, usually reduced by 25-50% for unstated expenses.
Lenders average your deposits over 12 or 24 months, which smooths out seasonal swings. Consistent overall trends matter more than month-to-month volatility for underwriting approval.
Expect 0.25-0.75% higher rates depending on credit, down payment, and loan amount. A 660 score with 15% down prices worse than 720 credit with 25% down.
Yes—some lenders allow non-owner occupied purchases using bank statements. Expect 20-25% down minimum and slightly higher rates than primary residence 1099 loans.
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.