Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders accept one year, but two is the standard. A stronger credit profile and larger down payment help with one-year files.

Question 2

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

Accepted Answer

No. Sole proprietors qualify. You just need 1099 forms showing your contract income clearly.

Question 3

How does a 1099 loan differ from a bank statement loan?

Accepted Answer

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

Question 4

Will my tax deductions hurt my 1099 loan approval?

Accepted Answer

Less than they would on a conventional loan. Lenders use 1099 gross income, not taxable income after write-offs.

Question 5

What down payment do I need for a 1099 loan in Rocklin?

Accepted Answer

Expect 10-20% down depending on the lender and your credit profile. Rates vary by borrower profile and market conditions.

Question 6

How long does a 1099 loan take to close in Placer County?

Accepted Answer

Non-QM loans typically close in 21-30 days. Having clean documentation ready from the start keeps things moving.

1099 Loans in Rocklin, CA for Independent Contractors