Question 1

Do I need two full years of 1099 income?

Accepted Answer

Most lenders want 24 months. Some will work with 12 months if your income is strong and consistent.

Question 2

Can I use multiple 1099 clients to qualify?

Accepted Answer

Yes. Lenders add up all your 1099 income sources. Having multiple clients can actually strengthen your file.

Question 3

Will my tax deductions hurt my approval?

Accepted Answer

On a 1099 loan, gross income is used — not net after deductions. This is a key advantage over conventional qualifying.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM programs carry a rate premium. Rates vary by borrower profile and market conditions.

Question 5

Can I get a jumbo 1099 loan in Morgan Hill?

Accepted Answer

Yes. Several wholesale lenders offer non-QM jumbo programs. Expect stricter reserve and down payment requirements.

Question 6

How long does a 1099 loan take to close?

Accepted Answer

Non-QM loans often take 30-45 days. Having two years of clean 1099s ready speeds the process significantly.

1099 Loans in Morgan Hill for Independent Contractors