Question 1

Can I qualify with only one year of 1099 income?

Accepted Answer

Some lenders accept one year. Two years is safer and opens more programs. Rates vary by borrower profile and market conditions.

Question 2

Will my tax write-offs hurt my approval?

Accepted Answer

Yes. Lenders use taxable income, not gross. Large deductions can reduce what you qualify for significantly.

Question 3

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

Accepted Answer

No. A 1099 loan uses your contractor income forms. A bank statement loan uses deposit history instead.

Question 4

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

Accepted Answer

Most programs start around 620. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 5

Do I need to be self-employed for a full two years?

Accepted Answer

Most lenders want a two-year history in the same field. A recent switch to contracting can complicate approval.

Question 6

Can seasonal agricultural workers use 1099 loans?

Accepted Answer

Yes, if income is consistent year over year. Lenders look for patterns, not just recent paychecks.

1099 Loans in Dos Palos, CA for Independent Contractors