Question 1

Can I qualify using just one year of 1099 income?

Accepted Answer

Some lenders approve with 12 months if your income is stable or increasing. Most require two years to calculate an average. We find programs that match your specific timeline.

Question 2

Do all my business write-offs reduce my qualifying income?

Accepted Answer

Tax return programs add back depreciation and one-time expenses, but most write-offs reduce qualifying income. Bank statement loans ignore deductions and use gross deposits instead.

Question 3

What documentation do I need for a 1099 loan?

Accepted Answer

Typically two years of personal and business tax returns, recent 1099 forms, and profit and loss statements. Bank statement programs need 12-24 months of business account statements.

Question 4

How do rates compare to conventional mortgages?

Accepted Answer

Expect rates 0.5-1% higher than conventional loans. Strong credit above 720 and 20%+ down payment narrow that gap. Rates vary by borrower profile and market conditions.

Question 5

Can crypto holdings help me qualify?

Accepted Answer

Select non-QM lenders now accept verified cryptocurrency as reserves, not income. This helps meet reserve requirements but doesn't increase your qualifying income directly.

Question 6

What credit score do I need for a 1099 loan in South San Francisco?

Accepted Answer

Minimum 620 credit opens the door, but 680+ gets better rates and terms. Scores above 720 access the most competitive pricing across our lender network.

1099 Loans in South San Francisco: Financing for Independent Contractors