Question 1

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

Accepted Answer

Some lenders allow it, but two years is far stronger. One-year programs usually require a higher credit score and larger down payment.

Question 2

Do lenders count my full 1099 gross income?

Accepted Answer

It depends on the lender. Some use gross 1099 income. Others subtract business expenses first. Ask your broker which method applies.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most non-QM lenders start at 620. Scores above 700 open more programs and better rates. Rates vary by borrower profile and market conditions.

Question 4

How much down payment is required for a 1099 loan?

Accepted Answer

Expect 10-20% down on most programs. Lower down payments are possible but typically require stronger credit and income history.

Question 5

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

Accepted Answer

No. You still document income — just with 1099 forms instead of W-2s or tax returns. Income must be verified, not self-stated.

Question 6

Can I buy in Imperial using a 1099 loan if I work across the border?

Accepted Answer

Cross-border income adds complexity. Lenders want income sourced and deposited in U.S. accounts. Your broker will need to review your specific situation.

1099 Loans in Imperial, CA for Independent Contractors