Question 1

Can I qualify with just one year of 1099 income?

Accepted Answer

Some lenders allow it with strong credit and reserves. Most want two years to average your income reliably.

Question 2

Do tax write-offs hurt my 1099 loan application?

Accepted Answer

No. Lenders use your 1099 gross, not your taxable income. That's the core advantage over conventional loans.

Question 3

What down payment do I need in Humboldt County?

Accepted Answer

Expect 10-20% down for most 1099 loan programs. Higher down payments can offset weaker credit or income gaps.

Question 4

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Yes, rates run higher on non-QM products. Rates vary by borrower profile and market conditions.

Question 5

What documents do lenders need beyond my 1099s?

Accepted Answer

Typically two years of 1099s, bank statements, a business license if applicable, and proof of ongoing contracts.

1099 Loans in Rio Dell: Financing Built for Independent Earners