Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders accept a single year if income is strong. Two years is the standard requirement across most programs.

Question 2

Do deductions on my taxes hurt my 1099 loan?

Accepted Answer

No. Lenders use your gross 1099 income, not your taxable income. That's the main reason this loan exists.

Question 3

What credit score do I need in Lemoore?

Accepted Answer

Most 1099 lenders start around 620. Higher scores improve your rate and program options. Rates vary by borrower profile and market conditions.

Question 4

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

Accepted Answer

A 1099 loan qualifies you on contractor income documents. A bank statement loan qualifies you on deposit history instead.

Question 5

How much down payment is required?

Accepted Answer

Most programs require 10-20% down. Lower down payments are possible with stronger credit and reserves.

Question 6

Can agricultural contractors in Kings County use this loan?

Accepted Answer

Yes. Farm contractors and ag workers with 1099 income are a strong fit for this program.

1099 Loans in Lemoore, CA for Self-Employed Borrowers