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1099 Loans in Fairfield
Fairfield has a growing population of independent contractors, consultants, and gig workers who don't fit traditional lending molds. Standard mortgage underwriting wasn't built for 1099 earners, even when your income is strong.
This loan type uses your 1099 forms to verify income instead of pay stubs and W-2s. You qualify based on actual revenue reported to the IRS, not tax returns that show lower income after deductions.
Contractors working for Travis Air Force Base, Bay Area tech companies, or running local service businesses make up a significant portion of Fairfield's self-employed workforce. These loans exist specifically for your income structure.
You need 12-24 months of 1099 history in the same line of work. Lenders average your gross 1099 income across that period to determine qualifying income.
Credit scores start at 600 for most programs, though 640+ gets better rates. Down payment minimums run 10-15% for primary residences, higher for investment properties.
You'll document business continuity and income stability through your 1099 forms and a CPA letter. No two-year tax return requirement like conventional loans demand.
Most retail banks and credit unions don't offer 1099 loan programs. These are non-QM products from specialized wholesale lenders that understand self-employed income.
Rates run 1-2% higher than conventional loans because you're outside agency guidelines. That premium reflects the manual underwriting and portfolio risk lenders take on.
Brokers access multiple 1099 lenders with different overlays on credit, income calculation methods, and property types. One lender might average 12 months of income while another requires 24 months.
The biggest mistake 1099 borrowers make is waiting until they file taxes to apply. Your 1099 forms are the income documentation, not your tax returns showing write-offs.
If your 1099 income fluctuates seasonally or you just switched to contract work, some lenders won't average properly. We route those deals to lenders with more flexible income trending policies.
Fairfield's price point works well for 1099 loans because loan amounts stay under jumbo limits. That keeps rates more competitive than what you'd see in Napa or Marin counties.
Bank statement loans work better if you run expenses through your business account and don't receive formal 1099s. Those programs analyze deposits instead of tax forms.
Profit and loss statement loans suit borrowers with complex business structures or multiple income sources. They offer more flexibility but require CPA preparation and stricter documentation.
If you have substantial assets, asset depletion loans might qualify you on savings and investments rather than income documentation. Compare all self-employed options before choosing.
Fairfield attracts commuters working contract positions throughout the Bay Area. Your work location doesn't matter for qualification as long as income is documented on 1099 forms.
Properties near Travis AFB or downtown Fairfield appraise easily with strong comparable sales. Lenders prefer established neighborhoods over rural parcels in Western Solano County.
If you're buying a multi-unit property as an owner-occupant, rental income from other units can sometimes boost qualifying income. Not all 1099 lenders allow this, so property type affects lender selection.
Some lenders accept 12 months of 1099 history if income is strong and consistent. Most prefer 24 months to establish a reliable income trend.
These programs qualify you on gross 1099 revenue before business deductions. That's the key advantage over tax return-based lending.
Lenders combine all 1099 income as long as it's in related fields. Completely unrelated contract work may require explanation of sustainability.
Expect 3-4 weeks from application to closing. Income verification is faster than tax return loans but slower than W-2 mortgages.
Yes, refinances work the same as purchases. You need the same 1099 documentation and equity requirements apply.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.