Loading
Buellton sits in the Santa Ynez Valley, a corridor packed with self-employed wine industry workers, contractors, and tourism operators.
Standard W-2 underwriting fails most of them. A 1099 loan uses your actual earnings — not what your tax return shows after deductions.
620
Min Credit Score
1099s (1-2 years)
Income Docs
10-20%
Min Down Payment
12-24 months
Self-Employ History
1099 Loans in Buellton
Lenders typically want 1-2 years of 1099 forms plus proof your work is ongoing. No W-2s required.
Credit minimums usually start around 620. Down payment requirements run higher than conventional — often 10-20%. Rates vary by borrower profile and market conditions.
Most retail banks won't touch 1099 loans. They live in the non-QM wholesale space — a segment most borrowers can't access directly.
At SRK CAPITAL we work with 200+ wholesale lenders. Several specialize in non-QM income documentation for exactly this borrower profile.
The biggest mistake I see: contractors trying to qualify using their Schedule C after heavy write-offs. That number kills deals.
With a 1099 loan, we use your gross 1099 income. That one shift can dramatically change your qualifying loan amount.
Bank Statement loans are close cousins. If your income flows through a business account, that path sometimes qualifies you for better terms.
Asset Depletion loans are another option if you have significant savings but irregular income. We run both scenarios to see which pencils best.
Buellton's economy leans heavily on wine production, agritourism, and hospitality — industries where 1099 income is the norm, not the exception.
Santa Barbara County properties can carry premium price tags. Qualifying at your full earning capacity matters more here than in lower-cost markets.
Some lenders accept 12 months. Most want 24. It depends on your industry and how stable your income looks.
Not always, but lenders want proof your work is active. A client letter or current contract often works.
No — that's the point of this loan. Lenders use gross 1099 income, not your adjusted taxable income.
Yes, typically. Non-QM programs carry a rate premium for flexible documentation. Rates vary by borrower profile and market conditions.
Possibly, with strong 1099 history and reserves. Lenders want to see consistent annual income across two years.
A 1099 loan uses your IRS income forms directly. A bank statement loan uses deposit history instead.