Question 1

How many years of 1099s do I need?

Accepted Answer

Most lenders want 1-2 years. Two years gives you more options and better rates.

Question 2

Can I use 1099 income from multiple clients?

Accepted Answer

Yes. Lenders add up all 1099 sources. Consistent multi-client income can actually strengthen your file.

Question 3

Do 1099 loans have higher rates than conventional?

Accepted Answer

Yes — expect a premium over conventional rates. Rates vary by borrower profile and market conditions.

Question 4

Can I buy in Milpitas with a 1099 loan?

Accepted Answer

Yes. With the right lender, 1099 income qualifies for purchase loans in Santa Clara County. Down payment and reserves matter most.

Question 5

What if my income dropped last year?

Accepted Answer

A declining income trend raises flags. Lenders may average two years or use the lower year. Stable or rising income qualifies more easily.

Question 6

Do I need to be self-employed for 2 years?

Accepted Answer

Most lenders require at least 2 years in the same field. A recent career switch to 1099 work makes approval harder.

1099 Loans in Milpitas for Independent Contractors