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Loomis attracts contractors, consultants, and self-employed professionals. Many earn solid income but can't show a W-2.
1099 loans are built for exactly this borrower. Your tax returns don't have to tell the whole story.
620+
Min Credit Score
10–20%
Down Payment
1–2 Years 1099s
Income History
No
W-2 Required?
Non-QM
Loan Type
1099 Loans in Loomis
Lenders qualify you on your 1099 forms — typically 1-2 years. Some also accept a combination of 1099s and bank statements.
Expect a minimum 620-660 credit score. Down payment requirements usually start at 10-20%, depending on the lender.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Loomis.
Loomis attracts contractors, consultants, and self-employed professionals. Many earn solid income but can't show a W-2.
1099 loans are built for exactly this borrower. Your tax returns don't have to tell the whole story.
Lenders qualify you on your 1099 forms — typically 1-2 years. Some also accept a combination of 1099s and bank statements.
Most retail banks won't touch 1099 loans. This is a wholesale and non-QM lender product.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize in 1099 and self-employed borrowers.
The biggest mistake I see: borrowers think low taxable income disqualifies them. With 1099 loans, gross 1099 income is what counts.
Write-offs that reduce your tax bill can actually help your lifestyle — but hurt a conventional loan app. This program fixes that disconnect.
Bank statement loans use 12-24 months of deposits instead of 1099s. If your income flows through a business account, that might work better.
Profit & Loss loans suit borrowers with clean business books. 1099 loans are simpler when your income is direct and personal.
Placer County has a strong base of independent professionals — tech contractors, construction subs, healthcare consultants.
Property values in the Loomis area mean loan sizes that often exceed conforming limits. Non-QM programs handle larger balances without issue.
Most lenders want 2 years, but some accept 12 months with strong income. Consistency matters more than length.
Yes. Lenders can blend W-2 and 1099 income if both are documented. More income sources can strengthen your file.
No. Unlike conventional loans, 1099 programs use gross income. Your deductions don't reduce what lenders count.
Most programs start at 620. Better scores above 700 get you lower rates and stronger program options.
1099 loans use your income forms directly. Bank statement loans use deposit history. Your income structure decides which fits best.
Yes, typically. Non-QM products carry a rate premium over conventional. Rates vary by borrower profile and market conditions.