Question 1

Do I need two years of 1099s to qualify?

Accepted Answer

Most lenders want two years. Some accept one year with strong income and credit. It depends on the lender and your overall file.

Question 2

Can I use 1099 income from multiple clients?

Accepted Answer

Yes. Lenders add up 1099s from all sources. More consistent income across clients actually helps your approval.

Question 3

Will my tax deductions hurt my 1099 loan approval?

Accepted Answer

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

Question 4

How much higher is the rate vs. a conventional loan?

Accepted Answer

Non-QM rates run higher than conventional. The gap depends on credit, down payment, and lender. Rates vary by borrower profile and market conditions.

Question 5

Is a 1099 loan a good fit for Santa Maria home prices?

Accepted Answer

It can be. Loan limits on non-QM products are often flexible. Your income and down payment determine your max purchase price.

1099 Loans in Santa Maria, CA for Independent Earners