Question 1

Can I get a mortgage in Highland with only 1099 income?

Accepted Answer

Yes, 1099 loans are specifically designed for independent contractors and freelancers. Lenders use your 1099 forms to verify income instead of W-2s or pay stubs.

Question 2

How much 1099 income history do I need?

Accepted Answer

Most lenders require one to two years of self-employment history. Consistent income patterns improve your chances of approval and better rates.

Question 3

Do I need to provide tax returns for a 1099 loan?

Accepted Answer

Many 1099 loan programs don't require full tax returns. Lenders primarily rely on your 1099 forms to document and verify your contractor income.

Question 4

What down payment do I need in Highland?

Accepted Answer

Down payments typically range from 10% to 20% for 1099 loans. Your specific requirement depends on credit score, income stability, and property type.

Question 5

Are rates higher for 1099 loans than traditional mortgages?

Accepted Answer

Rates vary by borrower profile and market conditions. Non-QM loans like 1099 programs typically have slightly higher rates than conventional loans but remain competitive.

1099 Loans in Highland, CA – Financing for Self-Employed Professionals