Question 1

Can I use just one year of 1099s?

Accepted Answer

Some lenders accept one year if your income is strong and consistent. Two years is more common and gives you better rate options.

Question 2

How is my income calculated on a 1099 loan?

Accepted Answer

Lenders average your gross 1099 income — before deductions. That's usually much higher than what your tax return shows.

Question 3

Are 1099 loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

Question 4

Do I need to be self-employed for two years?

Accepted Answer

Most lenders want a two-year self-employment history. Some allow one year with strong compensating factors like a high credit score.

Question 5

Can I buy in Pacific Grove with 10% down?

Accepted Answer

Some 1099 loan programs allow 10% down. A larger down payment usually gets you a better rate and easier approval.

1099 Loans in Pacific Grove, CA