Question 1

Can I use 1099 income from just six months?

Accepted Answer

No. Most lenders require 12 months minimum, with 24 months preferred for stronger approval odds and better rates.

Question 2

Do I need a business license to qualify?

Accepted Answer

Not always. Independent contractors with valid 1099 forms can qualify without formal business structures or licenses.

Question 3

Will my business write-offs hurt my qualifying income?

Accepted Answer

No. 1099 loans use gross receipts before deductions, unlike tax return mortgages that penalize write-offs.

Question 4

Can I combine 1099 and W-2 income?

Accepted Answer

Yes. Lenders will count both sources if you have consistent documentation for each income stream.

Question 5

How long does underwriting take for 1099 loans?

Accepted Answer

Expect 3-4 weeks with organized documentation. Missing records or inconsistent income statements add delays.

1099 Loans in Dorris: Financing for Self-Employed Borrowers Without W-2 Income