Question 1

Can I use just one year of 1099s to qualify?

Accepted Answer

Some lenders accept one year. Most prefer two. Stronger credit and larger down payments improve your odds with one-year programs.

Question 2

Do I need a CPA letter to qualify?

Accepted Answer

Not always. Some lenders want a CPA letter confirming self-employment. Others accept 1099s and a business license alone.

Question 3

Will my tax write-offs hurt my loan?

Accepted Answer

Yes. Lenders look at net income after deductions. Large write-offs reduce what lenders count as qualifying income.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions.

Question 5

Can I buy rural property in Colfax with a 1099 loan?

Accepted Answer

Yes, but acreage and rural parcels can trigger lender overlays. We screen lenders for rural-friendly guidelines before submitting.

1099 Loans in Colfax, CA for Independent Contractors