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Redding has a strong base of self-employed workers — contractors, consultants, truckers, and tradespeople. Many earn solid income but can't show it on a W-2.
A 1099 loan is a non-QM product built for exactly that borrower. It uses your 1099 forms instead of tax returns to qualify your income.
620–640 typical
Min Credit Score
1–2 years of 1099s
Income Doc
10–20% typical
Down Payment
Non-QM
Loan Type
Most lenders want 1-2 years of 1099s. They average your gross earnings — not what's left after write-offs. That's a big deal if your tax return shows almost nothing.
Expect a minimum credit score around 620-640. Down payment requirements typically start at 10-20%. Rates vary by borrower profile and market conditions.
Big retail banks don't do these loans. They live in the wholesale and non-QM lender space. That's exactly where SRK CAPITAL operates — across 200+ wholesale lenders.
Not every lender prices 1099 loans the same. Some are aggressive with rates. Others load on fees. Shopping the wholesale market is how you find the actual best deal.
The most common mistake I see: a 1099 borrower files aggressive taxes, writes off everything, and then wonders why they can't qualify. Your tax return kills you on a conventional loan.
On a 1099 loan, we use your actual 1099 income. If you earned $120K last year and wrote off $80K, conventional lenders see $40K. We see $120K. That difference changes everything.
Bank Statement Loans are the closest alternative. Instead of 1099s, lenders use 12-24 months of bank deposits to calculate income. Better fit if you mix 1099 with cash deposits.
P&L loans use a CPA-prepared profit and loss statement. Asset Depletion loans work if you have large reserves but low active income. Each path fits a different borrower.
Redding's construction and trades sectors run heavily on 1099 work. Subcontractors, owner-operators, and independent service providers are everywhere in Shasta County.
Shasta County's cost of living is lower than coastal California. That works in your favor — your 1099 income stretches further here than it would in Sacramento or the Bay Area.
Some lenders allow it with strong credit and reserves. Two years is the cleaner file and gets you better pricing.
No. Lenders use gross 1099 income, not your taxable income. That's the key advantage over conventional loans.
Most lenders want 620-640 minimum. A higher score gets you better rates. Rates vary by borrower profile and market conditions.
Expect 10-20% down on most 1099 loan programs. Some lenders go lower with strong credit and reserves.
No. A 1099 loan qualifies income using your 1099 forms. Bank statement loans use deposit history instead.
Yes — it's designed specifically for 1099 earners. Tradespeople, consultants, and owner-operators use this program regularly.
1099 Loans in Redding