Question 1

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

Accepted Answer

Some lenders accept 12 months. You'll need strong income and clean credit to get approved on a shorter history.

Question 2

Do I need to be incorporated to get a 1099 loan?

Accepted Answer

No. Sole proprietors and single-member LLCs both qualify. The 1099 form is what matters, not your business structure.

Question 3

Will my tax deductions hurt my 1099 loan application?

Accepted Answer

It depends on the program. Some lenders use gross 1099 income. Others look at net. We'll tell you which fits your return.

Question 4

What down payment do I need for a 1099 loan?

Accepted Answer

Most programs require 10-20% down. Lower credit scores or shorter income history typically push that number higher.

Question 5

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

Accepted Answer

A 1099 loan uses your contractor income forms. A bank statement loan uses deposit history. Both are non-QM options.

Question 6

Are 1099 loans available for investment properties in Seaside?

Accepted Answer

Yes. Some non-QM lenders allow 1099 income documentation on rental and investment property purchases.

1099 Loans in Seaside, CA for Independent Contractors