Question 1

Can I use just one year of 1099s to qualify?

Accepted Answer

Some lenders accept 12 months. Most want 24. A stronger credit profile or larger down payment can sometimes offset the shorter history.

Question 2

Do I need to be self-employed full-time?

Accepted Answer

Most programs require your 1099 income to be your primary source. Part-time freelance income layered on top of W-2 wages usually won't qualify on its own.

Question 3

Will my Loyalton property location affect approval?

Accepted Answer

It can. Rural properties trigger lender overlays on some non-QM programs. We filter lenders who are active and competitive in Sierra County specifically.

Question 4

How is my income calculated on a 1099 loan?

Accepted Answer

Lenders average your gross 1099 income over 12 or 24 months. They do not subtract business expenses the way a tax return would.

Question 5

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM programs carry more lender risk, so rates run higher. Rates vary by borrower profile and market conditions.

Question 6

What if I have a mix of W-2 and 1099 income?

Accepted Answer

Mixed income is common. Some lenders can blend both income types. How they're weighted depends on the program and the lender's guidelines.

1099 Loans in Loyalton, CA — Financing Built for Independent Earners