Question 1

Do I need tax returns for a 1099 loan?

Accepted Answer

No. These loans qualify you on your 1099 forms, not your returns. That's the whole point of the program.

Question 2

Can I use one year of 1099 income?

Accepted Answer

Most lenders want two years. A few programs allow one, but rates and terms are worse.

Question 3

What credit score do I need in Cloverdale?

Accepted Answer

Most 1099 loan programs start at 640. Better scores mean better rates — rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down?

Accepted Answer

Expect 10-20% down depending on the lender and your credit profile. Lower down payments require stronger overall qualifications.

Question 5

Is a 1099 loan the same as a bank statement loan?

Accepted Answer

No. They're two different non-QM programs. Bank statement loans use deposit history. 1099 loans use your contractor income forms.

Question 6

Can I buy a rural property in Sonoma County with this loan?

Accepted Answer

Yes. 1099 loans are non-QM products — no rural property restrictions like USDA loans have. Appraisal is the main variable.

1099 Loans in Cloverdale, CA — Built for Self-Employed Borrowers