Question 1

Can I use 1099 income to buy in Twentynine Palms?

Accepted Answer

Yes. Non-QM lenders accept 1099 income directly. You'll need 12-24 months of forms to document your earnings.

Question 2

Do tax deductions hurt my 1099 loan application?

Accepted Answer

With 1099 loans, lenders use gross income, not your taxable amount. Deductions matter less than with conventional loans.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders want at least 620. A score above 680 gets you better rates and terms. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down on a 1099 loan?

Accepted Answer

Expect 10% minimum for well-qualified borrowers. Higher risk profiles may require 20% or more down.

Question 5

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

Accepted Answer

1099 loans use your contractor income forms directly. Bank statement loans average your monthly deposits instead.

Question 6

Does SRK CAPITAL offer 1099 loans in San Bernardino County?

Accepted Answer

Yes. SRK CAPITAL shops 200+ wholesale lenders to find the best 1099 program for your situation in Twentynine Palms.

1099 Loans in Twentynine Palms for Independent Contractors