Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want two years. Some allow one year if you have strong credit and reserves.

Question 2

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

Accepted Answer

Less than conventional loans. Lenders use gross 1099 income, not your taxable income after deductions.

Question 3

What credit score do I need in Windsor?

Accepted Answer

Most 1099 programs start at 640. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

Are 1099 loans more expensive than conventional loans?

Accepted Answer

Yes, rates run higher on non-QM products. The trade-off is qualifying when conventional won't work.

Question 5

Can I use a 1099 loan to buy in Windsor's wine country area?

Accepted Answer

Yes. Property must meet standard appraisal guidelines. Rural or agricultural parcels may have extra restrictions.

Question 6

How is a 1099 loan different from a Bank Statement Loan?

Accepted Answer

1099 loans use your contractor income forms. Bank Statement Loans use your actual deposit history instead.

1099 Loans in Windsor, CA for Independent Contractors