Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders accept one year. Most prefer two. Stronger income history reduces risk in the lender's eyes.

Question 2

Do I need a business license to apply?

Accepted Answer

Not always, but it helps. Some lenders require proof of self-employment beyond just the 1099 forms.

Question 3

How is my income calculated on a 1099 loan?

Accepted Answer

Lenders typically use gross 1099 earnings. Some apply an expense factor. Ask your broker which method each lender uses.

Question 4

Are 1099 loan rates higher than conventional?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions.

Question 5

Can I buy in Rialto with 10% down on a 1099 loan?

Accepted Answer

Some lenders allow 10% down. Better credit and strong income history improve your chances of lower down payment options.

1099 Loans in Rialto for Independent Contractors