Question 1

Can I use just one year of 1099s to qualify?

Accepted Answer

Some programs allow it, especially if income is strong and consistent. Two years is the standard, but exceptions exist on select non-QM products.

Question 2

Do lenders use my gross or net 1099 income?

Accepted Answer

Most 1099 loan programs use gross income from your forms — not the reduced number after business deductions on your tax return.

Question 3

What credit score do I need for a 1099 loan in Vista?

Accepted Answer

Most lenders want 640 or higher. Stronger scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

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

Accepted Answer

A 1099 loan uses your income forms to qualify. A bank statement loan uses deposit history instead — better if your paper income looks inconsistent.

Question 5

How much do I need to put down in Vista?

Accepted Answer

Expect 10-20% down for most 1099 programs. Higher down payments can offset a lower credit score or shorter income history.

Question 6

Are 1099 loans more expensive than conventional loans?

Accepted Answer

Yes, rates are typically higher than conventional. Non-QM lenders price for flexibility. Rates vary by borrower profile and market conditions.

1099 Loans in Vista, CA for Independent Contractors