Question 1

Can I use one year of 1099 income to qualify?

Accepted Answer

Some lenders allow it, especially with strong income and reserves. Two years is standard, but one year works with the right lender.

Question 2

Do 1099 loans have higher rates than conventional loans?

Accepted Answer

Yes, typically. Non-QM products carry a rate premium. Rates vary by borrower profile and market conditions.

Question 3

What documents do I need for a 1099 loan in El Centro?

Accepted Answer

Expect to provide 1-2 years of 1099 forms, bank statements, and proof of self-employment. No tax returns required.

Question 4

How much can I borrow with a 1099 loan?

Accepted Answer

Loan limits depend on your verified income and the lender's guidelines. Most 1099 programs support loan amounts up to $3 million.

Question 5

Can a 1099 loan work if I also have W-2 income?

Accepted Answer

Yes. Mixed-income borrowers can use both. The lender will evaluate all income sources together.

Question 6

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

Accepted Answer

No. Income is still verified — just using 1099s instead of tax returns. You still have to document what you earn.

1099 Loans in El Centro for Independent Contractors