Question 1

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

Accepted Answer

Some lenders allow one year, but most want two. One-year programs usually require stronger credit and larger down payments.

Question 2

Do 1099 loans charge higher rates than conventional?

Accepted Answer

Yes, typically. Non-QM pricing carries a premium over conventional rates. Rates vary by borrower profile and market conditions.

Question 3

What if my 1099 income dropped last year?

Accepted Answer

Declining income is a red flag for lenders. They may average both years or use the lower figure, which reduces your qualifying amount.

Question 4

Can I buy in Angels Camp with a 1099 loan?

Accepted Answer

Yes. There are no geographic restrictions. The property just needs to meet standard appraisal and title requirements.

Question 5

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

Accepted Answer

No. You still document your income with actual 1099 forms. Nothing is stated without verification — lenders still underwrite the file.

1099 Loans in Angels Camp, CA