Question 1

Do I need two full years of 1099 income to qualify?

Accepted Answer

Most lenders prefer 24 months. Some allow 12, but the pricing and terms usually get tighter with a shorter history.

Question 2

Will my tax write-offs hurt my chances?

Accepted Answer

Not by themselves. Lenders look at gross 1099 income rather than net taxable income, so standard business write-offs do not cut into qualifying income the same way they do on a conventional loan.

Question 3

What credit score do I need for a 1099 loan in Alameda?

Accepted Answer

Most lenders start around 620. Better pricing usually shows up once you move above 700.

Question 4

How much can I borrow with a 1099 loan?

Accepted Answer

Specialized lenders can go well into jumbo territory. The exact amount depends on your income, credit, and down payment. Rates vary by borrower profile and market conditions.

Question 5

What documents do I need to apply?

Accepted Answer

You will usually need 24 months of 1099 forms plus proof that the work is still active. A CPA letter or current contracts can help strengthen the application.

Question 6

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Usually, yes. The trade-off is a more flexible income review for borrowers who do not fit a standard conventional approval.

1099 Loans in Alameda Work When Contract Income Is Real but Tax Returns Are Too Thin