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Palo Alto runs on contract talent. Consultants, engineers, and founders pulling 1099 income are everywhere here.
Standard loans use W-2s to verify income. That math rarely works for high-earning contractors — even well-paid ones.
680+
Min Credit Score
2 Years Typical
Self-Employment History
1099 Forms
Income Docs
Non-QM
Loan Type
1099 Loans in Palo Alto
Lenders verify your income using 1099 forms — typically one to two years. No pay stubs required.
Most lenders want a 680+ credit score for 1099 loans. Stronger scores get better pricing. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect 1099 loans eligibility, lender expectations, and local market factors before comparing payment options in Palo Alto.
Palo Alto runs on contract talent. Consultants, engineers, and founders pulling 1099 income are everywhere here.
Standard loans use W-2s to verify income. That math rarely works for high-earning contractors — even well-paid ones.
Lenders verify your income using 1099 forms — typically one to two years. No pay stubs required.
Big retail banks almost never offer 1099 loans. These are wholesale and non-QM lender products.
We work with 200+ wholesale lenders. That gives us real options — not just whoever has a branch nearby.
The biggest mistake: assuming your gross 1099 income is what lenders use. Some average two years. Some use just the most recent year.
Large write-offs hurt you here. Lenders use what you earned — not what you reported after deductions.
Bank statement loans are a strong alternative. They use 12-24 months of deposits instead of 1099 forms.
If your income is documented and consistent, 1099 loans often beat bank statement loans on rate.
Palo Alto property values are among the highest in Santa Clara County. Loan amounts here often push into jumbo territory.
Many local contractors earn high gross income but write off aggressively. That gap between earned and reported income is exactly what 1099 loans are designed for.
Most lenders want two years of self-employment history. Some will work with one year if your income is strong and consistent.
Yes. Lenders add up 1099s from all sources. What matters is the total documented income, not how many clients paid you.
Usually yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.
That's exactly why 1099 loans exist. They use your gross 1099 income, not your tax return's net figure.
Yes. Several wholesale lenders offer jumbo 1099 products. Expect stricter credit and reserve requirements at higher loan amounts.
A 1099 loan uses your income forms. A bank statement loan uses your actual deposits. Both are non-QM options for self-employed borrowers.