Question 1

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

Accepted Answer

Some lenders accept 1 year, but most want 2. Fewer options and higher rates come with the shorter history.

Question 2

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

Accepted Answer

No. That's the point of this loan. Lenders use your 1099 income directly, not your taxable net income.

Question 3

What down payment do I need for a 1099 loan in Oakland?

Accepted Answer

Expect 10-20% down minimum. Non-QM programs in higher-cost markets like Oakland often lean toward 20%.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM carries a rate premium. Rates vary by borrower profile and market conditions.

Question 5

Can I buy a multi-unit property in Oakland with a 1099 loan?

Accepted Answer

Yes, some lenders allow 2-4 unit purchases. Rental income from the property may also help your qualification.

Question 6

How long does a 1099 loan take to close in Alameda County?

Accepted Answer

Plan for 30-45 days. Non-QM underwriting is more involved than conventional, so don't wait to start.

1099 Loans for Oakland's Independent Earners