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Benicia attracts a lot of self-employed buyers. Contractors, consultants, and freelancers working across the Bay Area often settle here for the lower prices and waterfront lifestyle.
Standard loans punish 1099 earners. Your write-offs shrink taxable income — and that's exactly what traditional lenders use to qualify you.
620+
Min Credit Score
1-2 Years 1099s
Income Docs
10-20% Typical
Down Payment
2 Years Preferred
Self-Employed Min
Non-QM
Loan Type
Lenders use your 1099 forms — typically 1 to 2 years — to calculate income. No W-2 required. No employer verification needed.
Expect a minimum 620 credit score with most lenders. Stronger scores get better rates. Rates vary by borrower profile and market conditions.
Your bank won't offer this. 1099 loans are non-QM products — meaning they don't fit Fannie Mae or Freddie Mac guidelines.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize in non-QM programs for 1099 borrowers specifically.
The biggest mistake 1099 borrowers make: waiting until after tax season. If you filed with heavy deductions, your stated income just dropped on paper.
We've seen strong earners get denied on paper income under $40K. The 1099 loan exists precisely because tax returns lie about what you actually make.
Bank Statement loans are the closest alternative. They use 12-24 months of deposits instead of 1099s — better for business owners mixing income streams.
If you have strong assets but inconsistent income, Asset Depletion loans may qualify you on reserves alone. We compare both against the 1099 route for every client.
Benicia sits in Solano County — one of the more affordable counties bordering the Bay. That matters because loan amounts here often stay below jumbo thresholds.
Many Benicia buyers work as independent contractors in Contra Costa or Alameda County. The commute works. The 1099 loan makes the purchase work.
Most lenders want two years. Some accept one year if your income is consistent and your credit profile is strong.
Yes. Lenders add up all your 1099s. More income sources can actually help show stability.
Less than on a conventional loan. Lenders use your gross 1099 income, not your taxable income after deductions.
A 1099 loan uses your income forms. A Bank Statement loan uses actual deposits. Which works better depends on your specific numbers.
Most programs start at 620. Better scores bring better rates — rates vary by borrower profile and market conditions.
Yes, rates run higher on non-QM products. The trade-off is qualifying on actual earnings instead of reduced taxable income.
1099 Loans in Benicia