Question 1

Do I need two years of 1099s to qualify in Los Banos?

Accepted Answer

Most lenders want two years. Some accept one year with strong income and credit. Two years builds the strongest file.

Question 2

Can I use my tax returns instead of 1099s?

Accepted Answer

You can, but heavy deductions usually kill your qualifying income. The 1099 loan exists to bypass that problem.

Question 3

What down payment does a 1099 loan require?

Accepted Answer

Typically 10-20% down. The exact amount depends on your credit score and the lender's guidelines.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

What if I have both W-2 and 1099 income in Los Banos?

Accepted Answer

Mixed income is fine. We can often use both sources together to strengthen your qualifying profile.

1099 Loans in Los Banos, CA for Independent Contractors