Question 1

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

Accepted Answer

Some lenders allow it, especially if your income is rising. Not all do — this is where shopping lenders matters.

Question 2

Do 1099 loans have higher rates than conventional?

Accepted Answer

Yes, typically. Non-QM loans carry more risk for lenders. Rates vary by borrower profile and market conditions.

Question 3

What if I have multiple 1099 clients or income sources?

Accepted Answer

Multiple 1099s are fine. Lenders total them up. Consistency across years strengthens the file.

Question 4

Can I buy a second home in Carmel with a 1099 loan?

Accepted Answer

Yes, second-home purchases are eligible. Expect stricter reserve requirements and a higher down payment.

Question 5

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

Accepted Answer

A 1099 loan uses your IRS income forms. A bank statement loan uses actual deposits. The better option depends on your write-offs.

Question 6

How much do I need for a down payment?

Accepted Answer

Most 1099 programs start at 10-20% down. Higher down payments unlock better rates and easier approvals.

1099 Loans in Carmel By The Sea