Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders require 12 months minimum, not two years. A longer history helps if your income fluctuates, but one solid year usually works.

Question 2

Can I use 1099 income from multiple clients?

Accepted Answer

Yes, and that's common. Lenders total income from all your 1099 forms to calculate qualifying income.

Question 3

Will my business tax deductions hurt my loan approval?

Accepted Answer

No—that's why you use a 1099 loan instead of conventional. Underwriters look at gross receipts before deductions.

Question 4

What interest rate should I expect in Baldwin Park?

Accepted Answer

Rates vary by borrower profile and market conditions, but expect 0.5-1.5% above conventional rates. Your credit and down payment affect the exact rate.

Question 5

Can I refinance with a 1099 loan?

Accepted Answer

Yes, refinancing works the same as purchase loans. You'll need the same 12-month 1099 history and credit/equity requirements.

1099 Loans in Baldwin Park: Financing for Self-Employed & Independent Contractors