Question 1

What documents do I need for a 1099 loan?

Accepted Answer

You'll need 1-2 years of 1099 forms and recent bank statements. Some lenders also require a CPA letter confirming your self-employment.

Question 2

Can I qualify with just one year of 1099 income?

Accepted Answer

Some lenders allow it, but two years is stronger. One-year programs usually require higher credit scores and larger down payments.

Question 3

Will my tax write-offs hurt my approval?

Accepted Answer

Yes. Large deductions reduce your taxable income, which lowers what lenders can count. We use gross 1099 income, but tax returns still matter.

Question 4

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

Accepted Answer

Most lenders want 620 or higher. Better scores open up more lenders and lower your rate. Rates vary by borrower profile and market conditions.

Question 5

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Typically yes — rates run higher on non-QM products. The tradeoff is access to financing that a conventional loan won't provide.

Question 6

How is a 1099 loan different from a bank statement loan?

Accepted Answer

A 1099 loan uses your income forms directly. A bank statement loan uses deposit history. We compare both to find which qualifies you for more.

1099 Loans in Crescent City, CA