Question 1

Do I need two years of 1099 income to qualify in Hollister?

Accepted Answer

Most lenders want 24 months. Some will approve with 12 months if your income is consistent and your credit is strong.

Question 2

Can my tax write-offs hurt my 1099 loan approval?

Accepted Answer

No. Lenders use your gross 1099 earnings. Deductions that reduce your taxable income don't reduce your qualifying income here.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most programs start at 620. Better rates come with higher scores, and some lenders go below 620 with strong compensating factors.

Question 4

Is a 1099 loan the same as a bank statement loan?

Accepted Answer

No. A 1099 loan uses your contractor income forms. A bank statement loan uses deposit history. Different docs, different programs.

Question 5

Can I buy in Hollister with a 1099 loan and less than 20% down?

Accepted Answer

Yes. Some 1099 programs allow 10-15% down. Exact minimums depend on your credit profile and the lender. Rates vary by borrower profile and market conditions.

1099 Loans in Hollister, CA for Self-Employed Borrowers