Question 1

Can I use one year of 1099s to qualify in Marina?

Accepted Answer

Some lenders accept 12 months. You'll need strong credit and consistent income. Two years is always safer and opens more programs.

Question 2

Do my tax deductions hurt my 1099 loan approval?

Accepted Answer

Not with this program. Lenders use your gross 1099 income, not your taxable income after write-offs. That's the core advantage over conventional loans.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders start at 620. Scores above 680 get meaningfully better rates. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down in Monterey County?

Accepted Answer

Expect 10-20% down for most 1099 programs. Lower down payments are possible with stronger credit and income documentation.

Question 5

Is a 1099 loan the same as a stated income loan?

Accepted Answer

No. You still document income — just with 1099 forms instead of W-2s. Lenders verify what you actually earned.

Question 6

How long does a 1099 loan take to close?

Accepted Answer

Non-QM loans like this typically close in 21-30 days. Having your 1099s and bank statements ready upfront speeds things up.

1099 Loans for Freelancers in Marina, CA