Question 1

Can I use 1099 income from multiple clients?

Accepted Answer

Yes, lenders combine all 1099 income from the same industry. You need consistent work patterns across 12-24 months, not necessarily one employer.

Question 2

What if my 1099 income varies by season?

Accepted Answer

Lenders average your income across the full year. Seasonal dips don't disqualify you if the annual total supports the loan amount.

Question 3

Do I need tax returns for a 1099 loan?

Accepted Answer

Most lenders require two years of personal returns to verify you filed. They don't use the income shown, just confirm IRS compliance.

Question 4

How much down payment do I need?

Accepted Answer

Expect 10-20% down for primary homes. Investment properties typically need 25-30% down regardless of your income documentation.

Question 5

Can I refinance with a 1099 loan?

Accepted Answer

Yes, rate-and-term refinances work the same as purchases. Cash-out refinances cap at 80% LTV on most programs.

1099 Loans for Livingston, CA Contractors & Self-Employed Borrowers