Question 1

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

Accepted Answer

Some lenders allow it with strong credit and reserves. Two years is standard and gives you access to more programs and better pricing.

Question 2

Do I need a business license to qualify?

Accepted Answer

Not always, but some lenders require proof of self-employment. A CPA letter or active contracts can serve as supporting documentation.

Question 3

Will my tax write-offs hurt my qualifying income?

Accepted Answer

Not with a 1099 loan. Lenders use your gross 1099 income, so deductions on your tax return don't reduce what you qualify for.

Question 4

Are 1099 loans available for properties in rural Willits?

Accepted Answer

Yes, but lender overlays apply in rural areas. We specifically filter for non-QM lenders who fund Mendocino County properties.

Question 5

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

Accepted Answer

A 1099 loan uses your contractor income forms directly. Bank statement loans average your monthly deposits — useful when income hits a business account.

1099 Loans in Willits, CA for Independent Contractors