Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want 24 months. Some programs accept 12 months with strong income history and good credit.

Question 2

Can I use one 1099 client or do I need multiple?

Accepted Answer

Multiple clients strengthen your file. One source is acceptable but expect more scrutiny from underwriters.

Question 3

Will my tax write-offs hurt my qualifying income?

Accepted Answer

Not on a 1099 loan. We use your gross 1099 income, not the net figure on your tax return.

Question 4

Are rates higher on 1099 loans than conventional?

Accepted Answer

Yes, typically. Non-QM programs carry a premium over conventional rates. Rates vary by borrower profile and market conditions.

Question 5

Can I buy rural land with a 1099 loan in Mariposa County?

Accepted Answer

Depends on the property. Large acreage or mixed-use land gets harder to finance. Residential with some land is usually fine.

1099 Loans in Mariposa, CA for Independent Earners