Question 1

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

Accepted Answer

Some lenders allow it, but your options narrow and rates typically rise. Two years gives you the strongest file.

Question 2

Do 1099 loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM products carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 3

What if I have multiple 1099 clients each year?

Accepted Answer

That's fine. Lenders look at total 1099 income, not individual sources. Keep all your forms organized.

Question 4

How much do I need for a down payment in Gilroy?

Accepted Answer

Most 1099 loan programs require 10-20% down. Stronger credit and income history can push you toward the lower end.

Question 5

Is a 1099 loan the same as a stated income loan?

Accepted Answer

No. You still prove income — just with 1099s instead of W-2s. Stated income loans don't require income documentation.

Question 6

How long does it take to close a 1099 loan in Gilroy?

Accepted Answer

Non-QM loans typically take 21-30 days. Having your 1099s, bank statements, and tax returns ready speeds things up.

1099 Loans in Gilroy, CA — Built for Independent Earners