Question 1

Can I use one year of 1099s to qualify in Orland?

Accepted Answer

Some lenders accept 12 months. Most prefer 24. Consistent income and a strong credit profile improve your odds with the 12-month option.

Question 2

Do my tax write-offs kill my 1099 loan application?

Accepted Answer

On tax return loans, yes. On a 1099 loan, lenders use gross income — write-offs don't factor in the same way.

Question 3

What down payment do I need for a 1099 loan?

Accepted Answer

Expect 10-20% down. Higher down payments offset lender risk and can improve your rate. Rates vary by borrower profile and market conditions.

Question 4

Is a 1099 loan a non-QM loan?

Accepted Answer

Yes. It falls outside conventional lending guidelines. That's why retail banks skip it — and why a non-QM broker is the right call.

Question 5

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

Accepted Answer

Lenders can blend both income sources. That often helps — more verifiable income makes qualifying easier and may improve your loan terms.

Question 6

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Typically yes. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions, but expect a modest premium over conventional.

1099 Loans in Orland, CA for Independent Contractors