Question 1

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

Accepted Answer

Most lenders want 12-24 months of 1099s in the same field. One year may work with strong compensating factors like high credit or large reserves.

Question 2

Will my tax write-offs hurt my 1099 loan qualification?

Accepted Answer

No. Lenders use your gross 1099 income, not your taxable income. This is the main reason contractors choose this loan over conventional.

Question 3

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

Accepted Answer

Most lenders start at 620. A score above 700 opens better rates and lower down payment options.

Question 4

Can I use 1099 income to buy a higher-priced Hayward home?

Accepted Answer

Yes. Non-QM lenders can go into jumbo territory. Your income just needs to support the debt-to-income ratio at the loan amount you're requesting.

Question 5

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

Accepted Answer

A 1099 loan uses your contractor income forms directly. Bank statement loans average your deposits over 12-24 months instead.

Question 6

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions, but expect a premium over conventional pricing.

1099 Loans in Hayward, CA for Independent Contractors