Question 1

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

Accepted Answer

Some lenders accept 12 months. Most prefer 24. One year of history is possible but limits your lender options significantly.

Question 2

Do my tax deductions hurt my qualifying income?

Accepted Answer

No — 1099 loans use gross earned income, not your adjusted gross income. That's the key difference from a conventional loan.

Question 3

What if my income varies season to season?

Accepted Answer

Lenders average your 1099 income over 12-24 months. Seasonal variation is common and expected in Eastern Sierra markets.

Question 4

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

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

Question 5

Can I buy a rural property in Inyo County with a 1099 loan?

Accepted Answer

Yes, but the property must appraise and meet lender guidelines. Rural homes with limited comps need an experienced underwriting team.

1099 Loans for Independent Contractors in Bishop, CA