Question 1

Can I use just one year of 1099s to qualify?

Accepted Answer

Some lenders allow 12 months. Most prefer two years to show consistent earnings. Your overall profile determines which programs fit.

Question 2

Do my tax write-offs hurt my 1099 loan?

Accepted Answer

Yes. Lenders use your gross 1099 income, but heavy deductions signal inconsistency. Talk to us before filing.

Question 3

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

Accepted Answer

Most programs start at 620. A score above 680 opens better rates and lower down payment requirements.

Question 4

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

Accepted Answer

No. Bank statement loans use deposit history. 1099 loans use your contractor income forms directly. Both are non-QM products.

Question 5

How much do I need to put down?

Accepted Answer

Expect 10-20% down on most 1099 programs. Lower down payments are possible with stronger credit and reserves.

Question 6

Can seasonal workers in Madera use a 1099 loan?

Accepted Answer

Yes, but lenders will average your income over 12-24 months. Gaps or declining earnings will affect what you qualify for.

1099 Loans in Madera, CA — Built for the Self-Employed