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Milpitas sits at the heart of Silicon Valley. Contractors and consultants here earn serious money — but W-2s don't show it.
Tech freelancers, staffing consultants, and gig-economy workers dominate this workforce. Standard loans reject them daily. 1099 loans are built for exactly this profile.
680+
Min Credit Score
10-20%
Down Payment
1-2 Years
1099 History Needed
6-12 Months
Reserves Required
Non-QM
Loan Type
Lenders use your 1099 forms — typically 1-2 years — to calculate income. No tax returns required in most cases.
Expect to need a 680+ credit score, 10-20% down, and 6-12 months of reserves. Your debt-to-income ratio still matters.
Big banks don't offer 1099 loans. These are non-QM products — non-qualified mortgage — available through wholesale lenders.
We work with 200+ wholesale lenders. That access matters here. Rates and guidelines vary widely across lenders for this product.
The biggest mistake I see: contractors write off too much. Low taxable income kills the loan. 1099 loans look at gross 1099 income instead.
Consistency matters. Two strong 1099 years beats one blowout year followed by a slow one. Lenders want to see stable earnings.
Bank Statement Loans use 12-24 months of deposits instead of 1099s. Better fit if you run a business with mixed income.
Profit & Loss loans work for sole proprietors with clean books. Asset Depletion loans work if you have heavy savings but low income.
Santa Clara County home prices are high. You'll likely need a jumbo-sized non-QM loan. Not every lender does both.
Milpitas draws heavily from tech staffing and contract engineering. Lenders familiar with this income profile approve faster and with fewer conditions.
Most lenders want 1-2 years. Two years gives you more options and better rates.
Yes. Lenders add up all 1099 sources. Consistent multi-client income can actually strengthen your file.
Yes — expect a premium over conventional rates. Rates vary by borrower profile and market conditions.
Yes. With the right lender, 1099 income qualifies for purchase loans in Santa Clara County. Down payment and reserves matter most.
A declining income trend raises flags. Lenders may average two years or use the lower year. Stable or rising income qualifies more easily.
Most lenders require at least 2 years in the same field. A recent career switch to 1099 work makes approval harder.
1099 Loans in Milpitas