Question 1

Do I need two years of 1099s to qualify?

Accepted Answer

Most lenders want two years. Some accept one year if you've been in the same industry longer.

Question 2

Can I use both W-2 and 1099 income?

Accepted Answer

Yes. Some lenders blend both income types. Each lender has different rules on how they calculate the mix.

Question 3

Will my tax write-offs hurt my 1099 loan?

Accepted Answer

Less than they'd hurt a conventional loan. 1099 loans often use gross income shown on the forms, not your net taxable income.

Question 4

What's the minimum down payment in Santa Barbara County?

Accepted Answer

Expect 10-20% down for most 1099 programs. Higher down payments can offset a lower credit score.

Question 5

How do lenders handle seasonal income in Solvang?

Accepted Answer

They typically average your 1099 income over 12-24 months. Consistent filing history helps your case significantly.

1099 Loans in Solvang for Self-Employed Borrowers