Question 1

Can I use 1099 income from multiple clients?

Accepted Answer

Yes. Lenders combine income from all 1099 sources. You need 12-24 months of history for each income stream you want counted.

Question 2

Do I need to provide tax returns for a 1099 loan?

Accepted Answer

Most lenders want one or two years of returns for verification. But they calculate qualifying income from 1099 forms or bank deposits, not your AGI.

Question 3

What if my 1099 income is seasonal?

Accepted Answer

Lenders average income over 12-24 months. Seasonal patterns are fine if the annual total is consistent year over year.

Question 4

How do lenders verify my 1099 income?

Accepted Answer

They request copies of 1099 forms and match them to bank deposits. Some lenders call clients listed on your 1099s to confirm contracts.

Question 5

Can I buy investment property with a 1099 loan?

Accepted Answer

Yes. Expect 20-25% down and slightly higher rates. Lenders treat rental income separately from your 1099 contractor income.

Question 6

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

Accepted Answer

Minimum is 620, but you'll pay premium rates. A 680+ score opens up better pricing and more lender options.

1099 Loans in Paso Robles — Mortgage Options for Independent Contractors