Question 1

Do I need two years of 1099 income to qualify in Montague?

Accepted Answer

Most lenders want 1-2 years of 1099s. Some programs accept one year if your income is strong and consistent.

Question 2

Can I use a 1099 loan to buy rural or agricultural property?

Accepted Answer

Yes, but not every lender approves rural Siskiyou County properties. Lender selection is critical for these deals.

Question 3

Will my tax write-offs hurt my 1099 loan application?

Accepted Answer

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

Question 4

What credit score do I need for a 1099 loan?

Accepted Answer

Most non-QM lenders require at least 620. A higher score improves your rate. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

A 1099 loan uses your contractor income forms. A bank statement loan uses monthly deposits. Both skip W-2 requirements.

1099 Loans for Self-Employed Buyers in Montague, CA