Question 1

What documents do I need for a 1099 loan in Exeter?

Accepted Answer

Most lenders want 1-2 years of 1099 forms plus recent bank statements. A valid government ID and proof of self-employment may also be required.

Question 2

Can I use one year of 1099 income to qualify?

Accepted Answer

Some lenders allow it with strong compensating factors. Two years of consistent 1099 income gives you more lender options and better pricing.

Question 3

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

Accepted Answer

No. A 1099 loan uses your 1099 forms to verify income. A bank statement loan uses deposit history instead of tax documents.

Question 4

Do 1099 loans have higher rates than conventional loans?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions.

Question 5

Can I buy a home in Exeter using 1099 income from farming?

Accepted Answer

Yes, if you can document the income with 1099 forms and show consistent earnings. Ag-related 1099 income is acceptable on most programs.

1099 Loans for Self-Employed Buyers in Exeter, CA