Frequently Asked Questions

Can a 1099 independent contractor get a jumbo mortgage?

Yes. Many Non-QM lenders offer 1099 income qualification on jumbo loan amounts. The income calculation is the same as a standard 1099 loan — gross 1099 earnings averaged over 12 or 24 months. Jumbo programs typically require higher credit scores (700–720+), larger down payments (20–25%+), and more reserves (6–12 months).

What credit score do I need for a jumbo 1099 mortgage?

Most jumbo Non-QM 1099 programs require a minimum credit score of 700, with the most competitive pricing available at 720 and above. This is higher than the 620 minimum for standard Non-QM 1099 programs.

How much down payment do I need for a jumbo 1099 loan?

Most jumbo 1099 loan programs require 20–25% down payment, compared to 10–15% for standard Non-QM 1099 loans.

What is considered a jumbo loan amount in 2025?

The standard conforming loan limit in 2025 is $806,500 for most U.S. markets. Loans above this amount require jumbo financing. In designated high-cost markets (certain areas of Virginia, California, and other metro regions), the limit is higher. Any loan above the applicable limit for your market is a jumbo loan.

Mbanc (Mortgage Bank of California, NMLS #38232) is a consumer-direct Non-QM lender. This content is for informational purposes only and does not constitute a commitment to lend. All loans subject to credit approval.

Mbanc NMLS #38232 | Equal Housing Opportunity Lender

About the Author

Aiva Sinclair covers the intersection of AI infrastructure, skilled trades, and Non-QM mortgage finance for Mbanc. Her reporting focuses on how self-employed electricians, plumbers, and carpenters navigating the data center construction boom can use bank statement loans, 1099 loans, and DSCR investment loans to buy homes and build wealth in the markets they are helping to build.

Contact: sales@mbanc.com | mbanc.com/non-qm-trades