Question 1

Can I use one year of 1099 income to qualify?

Accepted Answer

Some lenders allow it, but expect a higher rate and stricter terms. Two years of consistent income puts you in a much stronger position.

Question 2

Does my tax return income matter at all?

Accepted Answer

No — 1099 loans use your gross 1099 earnings, not your taxable net income. Heavy write-offs won't reduce your qualifying income.

Question 3

What credit score do I need for a 1099 loan in Hanford?

Accepted Answer

Most programs start at 640. A score above 700 opens better rates and lower down payment options. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down?

Accepted Answer

Plan for 10-20% down. Some programs allow 10% with strong credit and two years of consistent income history.

Question 5

Is a 1099 loan the same as a bank statement loan?

Accepted Answer

No. A 1099 loan uses your 1099 forms as the income document. A bank statement loan uses deposit history. Both are non-QM programs with different qualifying logic.

Question 6

Can agricultural contractors in Kings County qualify?

Accepted Answer

Yes. Seasonal 1099 income from ag work qualifies with the right lender. Consistent year-to-year earnings matter most.

1099 Loans in Hanford, CA for Independent Contractors