Question 1

Can I use 1099 income from multiple clients to qualify in Norco?

Accepted Answer

Yes, lenders combine income from multiple 1099 sources. You'll need to provide documentation for each client and show income consistency over the required period.

Question 2

How do 1099 loans handle seasonal income fluctuations?

Accepted Answer

Lenders average your 1099 income over 12 or 24 months to smooth out seasonal variations. Consistent year-over-year patterns help demonstrate income stability.

Question 3

What credit score do I need for a 1099 loan in Riverside County?

Accepted Answer

Minimum credit scores typically range from 620 to 680 depending on the lender and loan amount. Higher scores unlock better rates and terms.

Question 4

Can 1099 loans work for Norco properties with horse facilities?

Accepted Answer

Yes, 1099 loans can finance equestrian properties. The property type may affect down payment requirements and which lenders can work with your situation.

Question 5

How long does 1099 loan approval take in Norco?

Accepted Answer

Timeline varies from 30 to 45 days depending on documentation completeness. Having organized 1099 statements and financial records ready speeds the process significantly.

1099 Loans in Norco: Mortgage Solutions for Self-Employed Homebuyers