Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders accept 12 months. Most want 24. It depends on your industry and how stable your income looks.

Question 2

Do I need a business license to apply?

Accepted Answer

Not always, but lenders want proof your work is active. A client letter or current contract often works.

Question 3

Will my tax write-offs hurt my 1099 loan application?

Accepted Answer

No — that's the point of this loan. Lenders use gross 1099 income, not your adjusted taxable income.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM programs carry a rate premium for flexible documentation. Rates vary by borrower profile and market conditions.

Question 5

Can seasonal workers in Buellton's wine industry qualify?

Accepted Answer

Possibly, with strong 1099 history and reserves. Lenders want to see consistent annual income across two years.

Question 6

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

Accepted Answer

A 1099 loan uses your IRS income forms directly. A bank statement loan uses deposit history instead.

1099 Loans in Buellton, CA — Built for Self-Employed Borrowers