Question 1

Can I use just one year of 1099s to qualify?

Accepted Answer

Some lenders accept 12 months of 1099 income. Two years is stronger and opens more programs.

Question 2

Do I need to show tax returns for a 1099 loan?

Accepted Answer

No. That's the point. Lenders use your 1099 forms directly instead of tax return net income.

Question 3

What credit score do I need in Fairfield?

Accepted Answer

Most non-QM lenders start around 620. Better scores mean better rates. Rates vary by borrower profile and market conditions.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down depending on the lender and program. Lower down payments are possible with stronger credit.

Question 5

What if I have multiple 1099 clients?

Accepted Answer

That's fine — and often preferred. Multiple income streams show stability. Lenders combine them for qualifying income.

Question 6

How is 1099 income different from bank statement income?

Accepted Answer

1099 loans use your forms directly. Bank statement loans analyze 12-24 months of deposits. Each program fits different income structures.

1099 Loans in Fairfield, CA for Independent Contractors