Question 1

What income docs do I need for a 1099 loan in Mountain View?

Accepted Answer

Most lenders want one to two years of 1099 forms. Some also request a letter confirming you're actively self-employed.

Question 2

Do I need to file tax returns for a 1099 loan?

Accepted Answer

No — that's the point of this product. Lenders qualify you on 1099 income directly, not your tax return's net income.

Question 3

Can I get a jumbo loan using 1099 income in Santa Clara County?

Accepted Answer

Yes. Several wholesale lenders offer 1099-based jumbo products. Reserve requirements are typically higher on larger loan amounts.

Question 4

How does my credit score affect my 1099 loan rate?

Accepted Answer

Significantly. Non-QM lenders price risk aggressively. A 720+ score gets much better terms than a 660. Rates vary by borrower profile and market conditions.

Question 5

What if my 1099 income went up this year?

Accepted Answer

Lenders typically average two years of 1099s. A strong recent year helps, but one good year alone rarely qualifies you.

Question 6

How is a 1099 loan different from a bank statement loan?

Accepted Answer

A 1099 loan uses your income forms. A bank statement loan uses actual deposits. If you have large deductions, the bank statement route may show more usable income.

1099 Loans in Mountain View, CA