Question 1

Do I need two years of 1099s to qualify in Barstow?

Accepted Answer

Most lenders want two years. Some will work with one year if your income is strong and consistent.

Question 2

Can I use 1099 income from multiple clients?

Accepted Answer

Yes. Lenders add up all 1099 sources. Just have the forms ready for each payer.

Question 3

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

Accepted Answer

Not on this program. We use gross 1099 income, not your taxable income after deductions.

Question 4

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders set the floor at 640. Better scores get better pricing. Rates vary by borrower profile and market conditions.

Question 5

How is a 1099 loan different from a Bank Statement Loan?

Accepted Answer

A 1099 loan uses your income forms directly. A Bank Statement Loan uses your deposit history instead.

1099 Loans in Barstow for Independent Contractors