Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders allow it, but most want two years. One-year programs carry stricter credit and reserve requirements.

Question 2

Do 1099 loans work for Mammoth vacation homes?

Accepted Answer

Yes, but second-home and investment properties require larger down payments and stricter income documentation.

Question 3

How is my income calculated on a 1099 loan?

Accepted Answer

Lenders average your gross 1099 income over 12-24 months. They do not deduct business expenses the way a tax return does.

Question 4

What credit score do I need for a 1099 loan?

Accepted Answer

Most programs start at 620. A score of 680 or higher gets you meaningfully better rates. Rates vary by borrower profile and market conditions.

Question 5

How much down payment is required?

Accepted Answer

Expect 10-20% down on most 1099 programs. Higher loan amounts or lower credit scores typically require more.

Question 6

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

Accepted Answer

No. A 1099 loan uses your 1099 forms as the income source. A bank statement loan uses deposit history instead. Both are non-QM programs.

1099 Loans in Mammoth Lakes for Independent Contractors