Question 1

Can I use just one year of 1099s to qualify?

Accepted Answer

Some lenders allow it, but most want two years. One-year programs usually require stronger credit and larger reserves.

Question 2

Do lenders use my full 1099 income?

Accepted Answer

Not always. Many apply an expense factor and reduce your gross income by 10-30%. Ask your broker how each lender calculates it.

Question 3

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

Accepted Answer

Most programs start at 660. Better rates kick in around 720+. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down?

Accepted Answer

Expect 10-20% minimum. Higher loan amounts in Pleasanton may push that requirement up depending on the lender.

Question 5

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Yes, rates are higher. Non-QM products carry a premium over conventional pricing. Rates vary by borrower profile and market conditions.

Question 6

Can I use 1099 income if I also have some W-2 income?

Accepted Answer

Yes. Lenders can blend both income types. Your W-2 income actually strengthens the file when combined with 1099 earnings.

1099 Loans in Pleasanton for Independent Contractors