Question 1

What income documents do I need for a 1099 Loan in Upland?

Accepted Answer

You'll need 12 to 24 months of 1099 forms from your clients or companies. Most lenders also request bank statements and a profit and loss statement. Some require a CPA letter verifying self-employment.

Question 2

Can I buy a home in Upland with only one year of 1099 income?

Accepted Answer

Some lenders accept one year of 1099 income history. However, two years of consistent income strengthens your application. Your credit score and down payment also impact eligibility.

Question 3

How do lenders calculate my income from 1099 forms?

Accepted Answer

Lenders typically average your 1099 income over 12 or 24 months. They look for consistency and may exclude declining income sources. The calculation method varies by lender program.

Question 4

Are 1099 Loan rates higher than conventional mortgages?

Accepted Answer

1099 Loans are non-QM products with different pricing than conventional loans. Rates vary by borrower profile and market conditions. Strong credit and larger down payments help secure better rates.

Question 5

Can I refinance my Upland home with a 1099 Loan?

Accepted Answer

Yes, 1099 Loans work for both purchase and refinance transactions. Refinancing requirements are similar to purchase loans. You'll need current 1099 documentation and sufficient equity.

1099 Loans in Upland: Mortgage Solutions for Self-Employed Professionals