Question 1

Can I use 1099 income from multiple clients?

Accepted Answer

Yes, lenders combine income from all 1099 sources if you show consistent work in the same field. They want to see occupational continuity, not employer loyalty.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders require 12-24 months of 1099 forms. Some accept less if you transitioned from W-2 work in the same profession with strong income.

Question 3

How do lenders calculate my qualifying income?

Accepted Answer

They total your 1099 earnings over 12 or 24 months, then divide by the number of months. This average becomes your monthly qualifying income.

Question 4

What if I had a gap between contracts?

Accepted Answer

Gaps under 3 months rarely matter if you stayed in the same industry. Longer breaks need explanation and proof you're back to regular contracting.

Question 5

Are rates much higher than conventional mortgages?

Accepted Answer

Expect 0.75-1.5% higher as of February 2026. Rates vary by borrower profile and market conditions. Stronger credit and larger down payments lower your rate.

1099 Loans in Burlingame: Financing for Contract Workers and Freelancers