Question 1

Do I need tax returns for a 1099 loan in Santee?

Accepted Answer

No tax returns required. Lenders use your 1099 forms directly to calculate qualifying income.

Question 2

How many years of 1099s do I need?

Accepted Answer

Most lenders want 2 years. Some accept 1 year with strong compensating factors like reserves or a larger down payment.

Question 3

Will my write-offs hurt my qualifying income?

Accepted Answer

No. Unlike tax return loans, 1099 loans use gross income from your forms — write-offs don't reduce your qualifying number.

Question 4

What credit score do I need for a 1099 loan?

Accepted Answer

Most programs start at 620. Higher scores typically unlock better rates. Rates vary by borrower profile and market conditions.

Question 5

Can I use a 1099 loan to buy in Santee with 10% down?

Accepted Answer

Yes, some lenders allow 10% down on 1099 loans. Terms depend on credit, reserves, and loan size.

Question 6

Is a 1099 loan the same as a bank statement loan?

Accepted Answer

No. Bank statement loans use deposit history. 1099 loans use your IRS income forms. Different docs, different programs.

1099 Loans in Santee — Built for Self-Employed Borrowers