Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want two years. Some will approve with one year if your income is strong and consistent.

Question 2

Can I use both W-2 and 1099 income?

Accepted Answer

Yes. Lenders can blend both income types. More 1099 income relative to W-2 may push you toward a non-QM product.

Question 3

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

Accepted Answer

Not the way they hurt conventional loans. Lenders use gross 1099 income, so deductions don't reduce your qualifying number.

Question 4

What rates should I expect on a 1099 loan in Vallejo?

Accepted Answer

Rates run higher than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Is a 1099 loan the same as a stated income loan?

Accepted Answer

No. You still document your income — just with 1099s instead of tax returns. Income is verified, not stated.

Question 6

How much can I borrow with a 1099 loan in Vallejo?

Accepted Answer

Loan limits vary by lender and borrower profile. Some non-QM lenders set minimums that may affect lower-priced Vallejo purchases.

1099 Loans in Vallejo for Independent Contractors