Question 1

Can I use one year of 1099s to qualify in Livermore?

Accepted Answer

Some lenders allow it, but two years is the standard. One-year files get more scrutiny and fewer lender options.

Question 2

Does my taxable income matter on a 1099 loan?

Accepted Answer

Yes. If you write off most of your income, lenders may qualify you on gross 1099 income instead. Confirm which method your lender uses.

Question 3

Are 1099 loans more expensive than conventional loans?

Accepted Answer

Rates are higher than conventional. Non-QM pricing reflects the added documentation flexibility. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders want 660 or above. Higher scores improve your rate and expand your lender options significantly.

Question 5

Can I buy a home in Livermore using 1099 income alone?

Accepted Answer

Yes. Your 1099 income, properly documented, is the qualifying income. You don't need any W-2 income alongside it.

Question 6

How is income calculated on a 1099 loan?

Accepted Answer

Lenders typically average your last two years of 1099 earnings. A CPA letter can help document consistency and self-employment status.

1099 Loans in Livermore: Financing Built for Independent Earners