Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders accept one year, but two years is the standard. One-year programs usually require a stronger credit profile.

Question 2

Do my tax deductions count against me?

Accepted Answer

Not with a 1099 loan. Lenders use your gross 1099 income — your deductions stay out of the calculation.

Question 3

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 4

Can I buy a vacation property with a 1099 loan in Palm Springs?

Accepted Answer

Yes. Second homes and investment properties are eligible. Down payment and reserve requirements will be higher.

Question 5

What if I have both W-2 and 1099 income?

Accepted Answer

We can blend both income sources. Sometimes a conventional loan works if W-2 income is strong enough on its own.

Question 6

How long does a 1099 loan take to close in Palm Springs?

Accepted Answer

Most non-QM loans close in 21-30 days. Having your documents ready upfront keeps that timeline on track.

1099 Loans in Palm Springs for Independent Earners