Question 1

Can I qualify with only six months of 1099 income?

Accepted Answer

No. Lenders require 12-24 months of consistent 1099 history. Six months might work if you transitioned from W-2 to contractor with the same employer.

Question 2

Do my business write-offs hurt qualification?

Accepted Answer

Not with 1099 loans. Lenders use gross income from your 1099 forms before expenses. Tax returns don't reduce your qualifying income like conventional loans.

Question 3

What credit score do I need in San Carlos?

Accepted Answer

Minimum 620, but expect rates to drop significantly at 680 and again at 720. San Carlos pricing favors borrowers above 700 with stable income.

Question 4

How do lenders verify my 1099 income?

Accepted Answer

They request 1099 forms directly from you and often verify with issuing companies. Some require year-end totals from clients or CPA letters.

Question 5

Can I use crypto holdings for down payment?

Accepted Answer

Yes through certain non-QM lenders as of February 2026. Assets must be verified and held in qualified accounts. Expect seasoning requirements and volatility buffers.

1099 Loans in San Carlos: Financing Built for Independent Contractors