Question 1

Can I use one year of 1099s to qualify?

Accepted Answer

Some lenders allow it, but two years is the standard. One-year programs come with stricter credit and down payment requirements.

Question 2

How much do I need for a down payment?

Accepted Answer

Most 1099 loan programs require 10-20% down. Lower credit scores push that number higher.

Question 3

Will my tax write-offs hurt my approval?

Accepted Answer

No — that's the point. 1099 loans use gross 1099 income, not taxable income after deductions.

Question 4

Do these loans work for rural properties in Siskiyou County?

Accepted Answer

Many do, but not all non-QM lenders approve rural or acreage properties. We screen for that upfront.

Question 5

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 6

What if my 1099 income comes from multiple clients?

Accepted Answer

That's fine and common. Lenders add up all 1099 sources. More clients can actually signal stability.

1099 Loans in Fort Jones, CA for Independent Contractors