Question 1

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

Accepted Answer

Some lenders accept one year, but two years is standard. One-year programs usually require stronger credit and a larger down payment.

Question 2

Do lenders use my gross or net 1099 income?

Accepted Answer

Gross 1099 income — before deductions. That's the core advantage over a conventional loan using your tax return.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders want at least 620-660. Better scores mean better rates and more lender options.

Question 4

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 actual deposits — sometimes a better fit if expenses are low.

Question 5

Can I get a jumbo 1099 loan for an Irvine property?

Accepted Answer

Yes. Non-QM jumbo 1099 loans are available. Expect stricter reserve requirements and a larger down payment.

Question 6

Do I need to provide tax returns for a 1099 loan?

Accepted Answer

Usually not. The loan is designed to qualify you on 1099 income forms, bypassing the tax return entirely.

1099 Loans in Irvine, CA for Independent Contractors