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1099 Loans in Vacaville
Vacaville has a growing population of independent contractors and self-employed professionals. Traditional lenders reject 1099 earners who can't provide two years of tax returns showing steady income.
1099 loans bypass the standard underwriting mess. Lenders qualify you on gross deposits, not taxable income after write-offs. This works well in Solano County where many borrowers run small businesses or freelance full-time.
You need 12-24 months of 1099 income history with the same clients or industry. Most lenders want 620-660 minimum credit scores. Down payments start at 10-15% for primary residences in Vacaville.
Lenders review your 1099 forms to verify income consistency. They calculate monthly income by dividing your annual 1099 earnings by 12. No complicated profit and loss statements required for basic approval.
About 30-40 non-QM lenders in our network offer 1099 loan programs. Each has different rules about how many 1099s you need and whether they count all clients or just primary income sources.
Some lenders accept 1099 income that started 12 months ago. Others require 24 months. This matters in Vacaville where many contractors recently left W-2 jobs to work independently. We match you with lenders whose timeline fits your work history.
Most 1099 borrowers get rejected by their bank because they wrote off too much income. Your tax return shows $40K but your 1099s show $120K. Banks use the $40K. Non-QM lenders use closer to the $120K.
The trap is mixing 1099 income with other documentation types. If you have W-2 income too, some lenders average everything together. Others let you use just the 1099 income if it's higher. We run scenarios both ways before submitting.
Bank statement loans work if you have varied income sources beyond 1099s. Asset depletion loans make sense if you have significant savings but inconsistent 1099 income. Profit and loss loans help newer contractors with under 12 months of 1099 history.
1099 loans offer the cleanest documentation path for established independent contractors. You provide the forms, we calculate income, deal closes. No need to organize 24 months of bank statements or write detailed P&L statements.
Vacaville sits between the Bay Area and Sacramento, attracting remote workers and contractors who left corporate jobs. This creates a strong market for 1099 loans as traditional employment patterns shift.
Solano County appraisals typically come in close to contract price for established neighborhoods. Lenders feel comfortable here because values stay relatively stable. That stability helps 1099 borrowers get approved at reasonable rates despite non-traditional income.
Most lenders require 12-24 months of 1099 income from consistent clients. You can combine multiple 1099s if they're in the same industry or field.
Lenders typically want 12 months minimum of 1099 history. If you have less, profit and loss statement loans work better for newer contractors.
Rates run 1-2% higher than conventional loans due to non-QM pricing. Strong credit and larger down payments get you closer to the lower end.
No, you can combine multiple clients as long as the work is consistent. Lenders want to see stable income patterns, not necessarily single-source income.
Lenders total your annual 1099 income and divide by 12 for monthly qualifying income. They don't subtract business expenses like traditional underwriting does.
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.