Question 1

Can I use one year of 1099 income to qualify?

Accepted Answer

Some lenders allow it with a strong credit profile and low debt. Two years is still the standard most underwriters prefer.

Question 2

Will my tax write-offs hurt my qualification?

Accepted Answer

Not with a 1099 loan. Lenders use your gross 1099 income, not your taxable income after deductions.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most programs start at 620. Higher scores open up better rates and lower down payment requirements.

Question 4

Is a 1099 loan the same as a bank statement loan?

Accepted Answer

No. They use different income documents. A broker can run both scenarios to see which qualifies you for more.

Question 5

Are 1099 loans available in Nevada County?

Accepted Answer

Yes, through wholesale and non-QM lenders. You won't find these at most local bank branches in the area.

1099 Loans for Nevada City's Self-Employed Buyers