Question 1

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

Accepted Answer

Some lenders allow it, but most want two years. One-year programs exist but typically come with stricter credit and down payment requirements.

Question 2

Do I need to be self-employed full-time?

Accepted Answer

Generally yes. Lenders want 1099 income as your primary source. Part-time contract work on top of a W-2 usually doesn't qualify under this program.

Question 3

Will my tax write-offs hurt my qualifying income?

Accepted Answer

With a 1099 loan, lenders use gross 1099 earnings — not your taxable income. Heavy deductions matter less here than on a conventional loan.

Question 4

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

Accepted Answer

Most programs start at 620. Scores above 700 will get you meaningfully better rates. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

A 1099 loan qualifies you using your 1099 forms. A bank statement loan uses deposit history instead. Both are non-QM options — the right fit depends on how you get paid.

Question 6

How much do I need for a down payment?

Accepted Answer

Most 1099 programs in California start at 10-20% down. Higher down payments can offset lower credit scores or shorter income history.

1099 Loans in Manteca, CA for Independent Contractors