Question 1

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

Accepted Answer

Some lenders accept one year, but two years is the standard. One-year programs usually come with stricter credit and down payment requirements.

Question 2

Do 1099 loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 3

What if I have both W-2 and 1099 income?

Accepted Answer

Mixed income works fine. Lenders can blend both income streams to build a stronger qualification file.

Question 4

Is a 1099 loan the same as a stated income loan?

Accepted Answer

No. You still document your income with actual 1099 forms. Stated income loans — where you just claim a number — are largely gone post-2008.

Question 5

How much can I borrow with a 1099 loan in Alameda County?

Accepted Answer

Loan limits depend on income, credit, and the lender's program guidelines. Non-QM lenders often go well above conforming limits.

1099 Loans in San Leandro for Independent Contractors