Question 1

Do I need two full years of 1099 income to qualify?

Accepted Answer

Most lenders want two years. Some will accept one year with strong compensating factors like good credit and reserves.

Question 2

Can I use multiple 1099 clients to qualify?

Accepted Answer

Yes. Lenders add up 1099 income across clients. Consistency across sources actually strengthens your file.

Question 3

Will my tax write-offs hurt my loan approval?

Accepted Answer

They can. Heavy deductions reduce your qualifying income. Some lenders use gross 1099 income to work around this.

Question 4

What credit score do I need for a 1099 loan in Shasta Lake?

Accepted Answer

Most non-QM lenders start at 620. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

1099 loans use your contractor income forms. Bank statement loans use deposit history. Both are non-QM options.

1099 Loans in Shasta Lake, CA for Independent Contractors