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1099 Loans in Exeter
Exeter's economy runs on agriculture, small business, and independent contractors who rarely fit traditional mortgage boxes.
If you file 1099s instead of W-2s, most conventional lenders reject you before they see your actual income.
1099 loans let you qualify using the income you actually earn, not what shows up after tax deductions.
These non-QM programs work when your Schedule C shows heavy write-offs that tank your taxable income.
Most lenders need 12-24 months of 1099 income history with the same clients or in the same industry.
Credit scores typically start at 620, though stronger borrowers get better rates at 680+.
Expect 10-20% down depending on loan amount and your debt-to-income ratio after calculating 1099 income.
You'll provide 1099 forms, bank statements showing deposits, and possibly a CPA letter confirming your business structure.
Community banks and credit unions in Tulare County won't touch 1099 income unless you're putting 30% down.
Non-QM lenders price these loans based on how clean your income pattern looks and how long you've been filing 1099s.
Rates run 0.5-2% higher than conforming loans because lenders see self-employment as higher risk.
A broker with access to multiple non-QM lenders saves you 0.25-0.75% by shopping programs that fit your exact income structure.
Most 1099 borrowers qualify for higher loan amounts than they think because we calculate income before business expenses.
If you write off mileage, equipment, and home office, your tax return shows $40K but you actually earn $80K—we use the higher number.
The biggest mistake is applying with a conventional lender first and getting rejected, which dings your credit for no reason.
I run 1099 income calculations before pulling credit to see if you're even close to qualifying.
Bank Statement loans work if you don't have clean 1099 documentation but have 12-24 months of consistent deposits.
Profit & Loss loans let CPAs verify income, useful when 1099s don't capture your full earnings picture.
Asset Depletion loans ignore income entirely and qualify you based on liquid assets—best for high-net-worth contractors.
Most self-employed borrowers qualify under multiple programs; the right one depends on which shows your income strongest.
Exeter's housing stock skews toward single-family homes under $400K, which keeps loan amounts in range for most 1099 borrowers.
Agricultural contractors face seasonal income swings; lenders average your 1099s across 12 or 24 months to smooth volatility.
Properties with small acreage or outbuildings sometimes need specialized appraisals, which add 1-2 weeks to closing timelines.
Tulare County pricing means your down payment goes further here than in coastal markets where 1099 loans are more common.
Yes, lenders total your 1099 income across all sources as long as you show 12-24 months of history. Diverse income streams sometimes strengthen your application.
Most programs need 12 months minimum. If you have prior W-2 or 1099 work in the same field, some lenders count that toward your history.
Some programs use 1099 forms plus bank statements instead of full returns. Others need one or two years of returns to verify business longevity.
They take your gross 1099 income before Schedule C deductions and apply a standard expense ratio, typically 10-25% depending on your industry.
Yes, 1099 loans work for primary residence, second home, and investment properties. Investment purchases usually need 15-25% down minimum.
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.