Question 1

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

Accepted Answer

Some lenders accept one year, but two years is more common. A stronger credit profile and larger down payment improve your odds with one-year programs.

Question 2

Do 1099 loans cost more than conventional loans?

Accepted Answer

Yes, rates on non-QM loans run higher than conventional. The tradeoff is qualifying when W-2-based loans won't work. Rates vary by borrower profile and market conditions.

Question 3

What if my income varies month to month?

Accepted Answer

Lenders average your 1099 income across 12-24 months. Volatile income isn't disqualifying, but a clear upward trend helps your file.

Question 4

Can I buy in Ross with a 1099 loan if the price is high?

Accepted Answer

Yes. Non-QM jumbo 1099 programs go well above conforming limits. You'll typically need 20%+ down and 12+ months of reserves.

Question 5

Do I need to be self-employed for a long time?

Accepted Answer

Most lenders want at least two years in the same field. A shorter history in a new industry is a harder sell, regardless of income level.

Question 6

Is a 1099 loan the same as a stated income loan?

Accepted Answer

No. You still document income — just with 1099 forms instead of tax returns. Stated income loans (no docs) are largely gone from the market.

1099 Loans in Ross, CA — Built for Independent Earners