Question 1

Can I use 1099 income from multiple clients for my mortgage application?

Accepted Answer

Yes, lenders combine income from all 1099 sources when calculating your qualifying amount. Diversity across multiple clients often strengthens your application by demonstrating income stability.

Question 2

How do lenders verify my 1099 income is legitimate?

Accepted Answer

Underwriters request copies of your actual 1099 forms and may contact issuing companies to confirm. Business bank statements showing corresponding deposits provide additional verification of income consistency.

Question 3

What if I only have 15 months of 1099 income history?

Accepted Answer

Some lenders accept 12-month minimums, though 24 months typically secures better rates. Your overall application strength, including credit score and down payment, influences whether shorter history works.

Question 4

Do 1099 loans require tax returns like conventional mortgages?

Accepted Answer

Most 1099 programs request tax returns for review but don't use them for income calculation. Lenders focus on your 1099 forms showing gross receipts rather than net income after deductions.

Question 5

Can I refinance my Pinole home with a 1099 loan?

Accepted Answer

Yes, 1099 loans work for both purchases and refinances. Rate-and-term refinances and cash-out refinances are both available to self-employed borrowers with qualifying 1099 income documentation.

1099 Loans in Pinole: Mortgage Solutions for Independent Contractors and Freelancers