Question 1

What income documents do I need for a 1099 loan?

Accepted Answer

Most lenders require 1-2 years of 1099 forms. Some also want a letter from your CPA confirming active self-employment.

Question 2

Can I use a 1099 loan to buy in rural Humboldt County?

Accepted Answer

Yes. Non-QM lenders are often more flexible on rural and coastal properties than conventional lenders.

Question 3

Does a 1099 loan cost more than a conventional loan?

Accepted Answer

Rates run higher than conventional. The tradeoff is qualifying when a W-2 loan isn't an option. Rates vary by borrower profile and market conditions.

Question 4

How much can I borrow with a 1099 loan?

Accepted Answer

Your averaged 1099 gross income drives the loan amount. A broker can run the numbers once we see your 1099s.

Question 5

Do I need two years of self-employment history?

Accepted Answer

Two years is the standard. Some lenders allow one year with strong compensating factors like high credit or large reserves.

1099 Loans in Trinidad, CA for Independent Contractors