Question 1

Do I need two years of 1099 income to qualify in Albany?

Accepted Answer

Most lenders want two years. Some will accept one year with strong compensating factors like a high credit score or large down payment.

Question 2

Can my write-offs hurt my 1099 loan application?

Accepted Answer

Less so than with conventional loans. Lenders use your 1099 gross income, not your taxable income after deductions.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most non-QM lenders floor at 620. Better pricing starts around 680 and above.

Question 4

How is a 1099 loan different from a bank statement loan?

Accepted Answer

A 1099 loan qualifies you using income forms from clients. A bank statement loan qualifies you using actual deposit history.

Question 5

Are 1099 loans available for investment properties in Albany?

Accepted Answer

Yes. Several non-QM lenders allow 1099 qualification on investment purchases. Terms differ from owner-occupied loans.

Question 6

Will my 1099 loan rate be higher than a conventional rate?

Accepted Answer

Yes, typically. Non-QM products carry more risk for lenders. Rates vary by borrower profile and market conditions.

1099 Loans in Albany, CA for Independent Earners