Question 1

What income documents do I need for a 1099 loan?

Accepted Answer

Most lenders want one to two years of 1099 forms. A CPA letter or active client contract can also support your file.

Question 2

Can I use 1099 income if I also have W-2 income?

Accepted Answer

Yes. Lenders can blend both income sources. This often strengthens your qualifying income significantly.

Question 3

Do 1099 loans cost more than conventional loans?

Accepted Answer

Rates are typically higher than conventional financing. The tradeoff is qualifying on actual contractor earnings. Rates vary by borrower profile and market conditions.

Question 4

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders require at least two years of 1099 income history. Some non-QM lenders accept 12 months with strong compensating factors.

Question 5

Is a 1099 loan the right fit for Monte Sereno's price range?

Accepted Answer

It depends on your income and loan size. Jumbo non-QM options exist for high-value properties — ask us to compare programs.

1099 Loans in Monte Sereno, CA