Question 1

Can I use just one year of 1099s to qualify in Lompoc?

Accepted Answer

Some lenders allow it with strong credit and reserves. Most want two years to average your income reliably.

Question 2

Do 1099 loans have higher rates than conventional loans?

Accepted Answer

Yes — non-QM products carry a rate premium. Rates vary by borrower profile and market conditions.

Question 3

What if I have both W-2 and 1099 income?

Accepted Answer

Both can be counted. Lenders will want documentation for each income source separately.

Question 4

How much can I borrow with a 1099 loan in Santa Barbara County?

Accepted Answer

Loan amounts depend on your qualifying income, credit, and down payment. Non-QM lenders can go into jumbo territory.

Question 5

Does my self-employment need to be in the same field for two years?

Accepted Answer

Generally yes. Lenders want consistent 1099 income in the same line of work. Gaps or industry switches raise flags.

1099 Loans in Lompoc for Independent Contractors