Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want two years. Some accept one year if income is strong and consistent.

Question 2

Can I use both W-2 and 1099 income together?

Accepted Answer

Yes. Mixed income is common. Lenders will document both sources separately.

Question 3

Does my taxable income on my tax return matter?

Accepted Answer

Not for this loan type. Lenders use gross 1099 income, not your net after deductions.

Question 4

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

Accepted Answer

Most programs start at 620. Better scores get better rates — rates vary by borrower profile and market conditions.

Question 5

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Typically yes. Non-QM loans carry higher rates due to flexible income documentation. The tradeoff is access to financing that conventional programs deny.

Question 6

What documents do I need to apply?

Accepted Answer

Bring 1-2 years of 1099 forms, recent bank statements, and a valid ID. Your broker will confirm what each lender requires.

1099 Loans in Guadalupe, CA for Independent Contractors