Question 1

Can I qualify with only one year of 1099 income?

Accepted Answer

Some lenders approve borrowers with 12 months of history, especially with strong credit and reserves. Most prefer 24 months for better pricing.

Question 2

Do I need to provide tax returns for a 1099 loan?

Accepted Answer

No. Lenders calculate income directly from your 1099 forms. They skip Schedule C and don't penalize business write-offs.

Question 3

What if my 1099 income varies month to month?

Accepted Answer

Lenders average your income across the documentation period. Seasonal work is fine as long as the pattern makes sense.

Question 4

How do rates compare to conventional loans?

Accepted Answer

Expect rates 0.5-2% higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

Can I use multiple 1099 income sources?

Accepted Answer

Yes. Lenders will combine income from all sources as long as you provide documentation for each.

1099 Loans in Chico: Mortgage Financing Built for Independent Contractors