Question 1

Do I need two years of 1099 income to qualify in Napa?

Accepted Answer

Most programs want two years. Some accept one year with strong compensating factors like reserves or a high credit score.

Question 2

Can I use my gross 1099 income before write-offs?

Accepted Answer

Some lenders allow it. Others use net income from your tax returns. We identify which approach works best for your file.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most programs start at 620. Better scores above 700 open more lender options and lower your rate.

Question 4

Are 1099 loans available for higher-priced Napa homes?

Accepted Answer

Yes. Non-QM jumbo programs exist for loan amounts above conforming limits. Expect stricter reserve requirements.

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 serve self-employed borrowers differently.

Question 6

How long does a 1099 loan take to close in Napa?

Accepted Answer

Non-QM loans typically close in 21-30 days. Having your 1099s and returns organized upfront speeds things up.

1099 Loans for Self-Employed Buyers in Napa, CA