Question 1

Can I qualify with just one year of 1099 income?

Accepted Answer

Some lenders accept one year, but two is the standard. A stronger credit profile and larger down payment can help with one-year files.

Question 2

What if I have both W-2 and 1099 income?

Accepted Answer

Lenders can usually combine both income sources. That often helps your qualifying income and strengthens the overall file.

Question 3

Will my tax write-offs hurt my qualifying income?

Accepted Answer

Not with a 1099 loan. Lenders use your gross 1099 earnings, not your taxable income after deductions.

Question 4

Are 1099 loan rates higher than conventional rates?

Accepted Answer

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

Question 5

Can I use a 1099 loan to buy in rural Siskiyou County?

Accepted Answer

Yes. Property location doesn't disqualify you. The loan is based on your income documentation and credit profile.

1099 Loans for Independent Contractors in Etna, CA