Question 1

Can I use 1099 income from multiple clients?

Accepted Answer

Yes, lenders combine all 1099 sources into one qualifying income figure. You need consistency across 12-24 months, not permanence with any single client.

Question 2

What if my 1099 income varies seasonally?

Accepted Answer

Lenders average 24 months of income for seasonal workers. Construction, tourism, and forestry income all qualify if you show two full annual cycles.

Question 3

Do lenders verify my 1099s with the IRS?

Accepted Answer

Some request IRS transcripts to confirm reported income. Others accept the 1099 forms directly with minimal verification depending on your credit and down payment.

Question 4

How much income do lenders count from my 1099s?

Accepted Answer

Most lenders use 50-100% of gross receipts depending on your industry. High-expense businesses like trucking see lower percentages than service providers.

Question 5

Can I buy investment property with 1099 income?

Accepted Answer

Yes, but expect 20-25% down and slightly higher rates. Lenders price investor purchases more conservatively than primary residences.

1099 Loans for Weaverville's Self-Employed — No W-2 Required

1099 Loans for Weaverville's Self-Employed — No W-2 Required