Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Yes, most lenders require two full years of 1099 history. Shorter tenure makes approval significantly harder.

Question 2

Will my tax deductions hurt my qualifying income?

Accepted Answer

Not with a 1099 loan. Lenders use your gross 1099 income, not what's left after deductions on your tax return.

Question 3

What credit score do I need for a 1099 loan in Vacaville?

Accepted Answer

Most programs start at 680. Higher scores open up better rates and lower down payment options.

Question 4

Can I use a 1099 loan to buy in Solano County?

Accepted Answer

Yes. 1099 loans work across California, including Vacaville and all of Solano County.

Question 5

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

Accepted Answer

A 1099 loan uses your income forms directly. A bank statement loan averages your actual deposits instead.

Question 6

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Typically yes. Non-QM products carry more risk for lenders. Rates vary by borrower profile and market conditions.

1099 Loans in Vacaville for Independent Contractors