Question 1

What income documents do I need for a 1099 loan in Corcoran?

Accepted Answer

You'll need 12-24 months of 1099 forms from your clients or employers. Some lenders also ask for a business license or CPA letter.

Question 2

Can I qualify if I just started freelancing?

Accepted Answer

Most lenders want at least two years of self-employment history. Less than that makes approval very difficult on a 1099 loan.

Question 3

How is my qualifying income calculated?

Accepted Answer

Lenders average your gross 1099 income over 12 or 24 months. Unlike conventional loans, they don't subtract your tax deductions.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

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

Question 5

Do I need a large down payment in Corcoran?

Accepted Answer

Most 1099 loans require 10-20% down. A larger down payment can offset a lower credit score or shorter income history.

Question 6

Can a broker help me find a 1099 loan in Kings County?

Accepted Answer

Yes. Retail banks here rarely offer non-QM products. A broker with wholesale access shops your file across lenders who specialize in 1099 programs.

1099 Loans in Corcoran, CA for Self-Employed Borrowers