Question 1

What documents do I need for a 1099 loan in Eureka?

Accepted Answer

Bring 1-2 years of 1099 forms and recent bank statements. Some lenders also want a CPA letter confirming your self-employment.

Question 2

Can I qualify if I just started freelancing?

Accepted Answer

Most lenders want at least two years of self-employed history. One year may work if you moved from W-2 work in the same field.

Question 3

Do 1099 loans have higher rates than conventional loans?

Accepted Answer

Yes, non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 4

Does writing off business expenses hurt my approval?

Accepted Answer

It can. Heavy deductions lower your taxable income, which reduces what lenders count. A bank statement loan may work better in that case.

Question 5

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

Accepted Answer

No. You still document your income — just with 1099s instead of tax returns. Income isn't self-stated without verification.

1099 Loans in Eureka, CA for Independent Earners