Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want two years. Some will consider one year with strong compensating factors like reserves or a low debt load.

Question 2

Can I use my gross 1099 income to qualify?

Accepted Answer

It depends on the lender's program. Some use gross 1099 income. Others start with net income after expenses.

Question 3

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Yes, typically. Non-QM loans carry higher rates due to added risk. Rates vary by borrower profile and market conditions.

Question 4

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

Accepted Answer

That's common. Lenders can combine both income sources. Having W-2 income alongside 1099s often strengthens your file.

Question 5

Are 1099 loans available for Yreka properties?

Accepted Answer

Yes. Rural properties in Siskiyou County are eligible. The lender will order an appraisal to confirm property value and condition.

Question 6

How much do I need for a down payment?

Accepted Answer

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

1099 Loans in Yreka, CA — Built for Independent Earners