Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders accept one year. Most want two. A strong income history and good credit improve your odds with one-year programs.

Question 2

Does my 1099 income need to be from one client?

Accepted Answer

No. Multiple 1099 sources are fine. Lenders want consistency in total income, not a single employer.

Question 3

Will my tax write-offs hurt my 1099 loan?

Accepted Answer

Not like they hurt conventional loans. Lenders use your gross 1099 income, not your net taxable income.

Question 4

What's the minimum credit score for a 1099 loan in Chino?

Accepted Answer

Most lenders start at 620. Better rates appear at 680 and above. Rates vary by borrower profile and market conditions.

Question 5

How long does a 1099 loan take to close?

Accepted Answer

Non-QM loans typically close in 21-30 days. Complex income files may run longer depending on lender review.

Question 6

Is a 1099 loan the same as a stated income loan?

Accepted Answer

No. You still document your income with actual 1099 forms. It's not stated income — it's just a different way to verify what you earn.

1099 Loans in Chino, CA for Independent Contractors