Question 1

What documents do I need for a 1099 loan in Avenal?

Accepted Answer

Lenders typically want 1-2 years of 1099 forms and a CPA letter or business license. Bank statements help verify income consistency.

Question 2

Can I qualify if my tax returns show low income?

Accepted Answer

Yes. 1099 loans use gross 1099 income, not taxable income. That's the core benefit for contractors who take heavy deductions.

Question 3

How is a 1099 loan different from a bank statement loan?

Accepted Answer

A 1099 loan uses your contractor income forms directly. A bank statement loan uses deposit history — useful if income is harder to document.

Question 4

What credit score do I need for a 1099 loan?

Accepted Answer

Most non-QM lenders require at least 620. A stronger score gets better terms. Rates vary by borrower profile and market conditions.

Question 5

Do I need to be self-employed for 2 years?

Accepted Answer

Most lenders want a 2-year self-employment history. Some accept 1 year with strong compensating factors like good credit or reserves.

Question 6

Is a 1099 loan available for Kings County properties?

Accepted Answer

Yes. Non-QM lenders operate statewide in California. Rural areas like Avenal are eligible as long as the property meets lender guidelines.

1099 Loans in Avenal, CA for Independent Contractors