Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want two years. Some accept one year with strong compensating factors like high credit or large reserves.

Question 2

Can I use both W-2 and 1099 income?

Accepted Answer

Yes. Blended income is allowed. We document both sources and build the strongest income case possible.

Question 3

Will my tax write-offs hurt my approval?

Accepted Answer

They can. High deductions reduce your qualifying income. A bank statement loan might solve this if deposits are strong.

Question 4

Are 1099 loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry a rate premium. Rates vary by borrower profile and market conditions.

Question 5

What down payment do I need in Newark?

Accepted Answer

Most 1099 programs start at 10-20% down. Larger down payments can offset weaker income documentation.

1099 Loans in Newark, CA for Independent Contractors