Question 1

What income documents do I need for a 1099 loan in Adelanto?

Accepted Answer

Most lenders require 1-2 years of 1099 forms. Some also ask for recent bank statements to confirm deposits match your stated income.

Question 2

Can I use a 1099 loan if I have multiple clients?

Accepted Answer

Yes. Multiple 1099 sources are fine. Lenders add them together to calculate total qualifying income.

Question 3

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

Accepted Answer

Not with this product. Lenders use gross 1099 income, not your adjusted gross income after deductions.

Question 4

How is a 1099 loan different from a bank statement loan?

Accepted Answer

A 1099 loan qualifies you using your 1099 forms directly. A bank statement loan uses deposit history instead — useful if income varies.

Question 5

What credit score do I need for a 1099 loan?

Accepted Answer

Most programs require a 620 minimum. Higher scores improve your rate and reduce required reserves.

Question 6

Are 1099 loans more expensive than conventional loans?

Accepted Answer

Typically yes — non-QM rates run higher than conventional. The trade-off is access to financing that standard programs won't offer. Rates vary by borrower profile and market conditions.

1099 Loans in Adelanto for Independent Contractors