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Monte Sereno sits in the heart of Silicon Valley. Consultants, tech contractors, and self-employed executives are common here.
W-2 income is the exception in some households. A 1099 loan uses your contractor earnings — not a pay stub — to qualify.
660+
Min Credit Score
1-2 Years
1099 History Needed
Non-QM
Loan Type
Gross 1099 Forms
Income Method
1099 Loans in Monte Sereno
Lenders verify income using your 1099 forms — typically one or two years. Some also accept CPA letters or contracts showing ongoing work.
Credit requirements vary by lender. Most want a 660 or higher. Stronger credit opens better rates. Rates vary by borrower profile and market conditions.
Big retail banks rarely offer 1099 loans. This is a non-QM product — meaning it falls outside standard Fannie Mae and Freddie Mac guidelines.
We work with 200+ wholesale lenders. Many specialize in non-QM. That gives you real options, not just one underwriting box.
The most common mistake: contractors write off too much. High deductions kill tax return income. 1099 loans solve that — they use gross 1099 income instead.
Bring two years of 1099s, a current contract, and proof of active clients. Lenders want to see stability, not just a big number on one form.
Bank statement loans use 12-24 months of deposits instead of 1099s. Better fit if your income flows through a business account.
Asset depletion loans work if you have significant savings but irregular income. Your assets get converted into a monthly income figure.
Monte Sereno is a small, affluent city with high property values. Loan amounts here often exceed conforming limits — plan for jumbo-sized non-QM products.
Santa Clara County's market demands strong purchasing power. A 1099 loan needs to show enough income to support those payments. Documentation is critical.
Most lenders want one to two years of 1099 forms. A CPA letter or active client contract can also support your file.
Yes. Lenders can blend both income sources. This often strengthens your qualifying income significantly.
Rates are typically higher than conventional financing. The tradeoff is qualifying on actual contractor earnings. Rates vary by borrower profile and market conditions.
Most lenders require at least two years of 1099 income history. Some non-QM lenders accept 12 months with strong compensating factors.
It depends on your income and loan size. Jumbo non-QM options exist for high-value properties — ask us to compare programs.