Question 1

Do I need two years of 1099 income to qualify?

Accepted Answer

Most lenders want 24 months. Some accept 12 months with strong credit and reserves.

Question 2

Can I use 1099s from multiple clients?

Accepted Answer

Yes. Lenders combine income from all sources. Consistency across clients actually strengthens the file.

Question 3

Will my tax write-offs hurt my approval?

Accepted Answer

On a 1099 loan, lenders use gross 1099 income. Write-offs matter less than on a conventional loan.

Question 4

What down payment do I need in Farmersville?

Accepted Answer

Expect 10-20% down for most 1099 programs. Lower credit scores typically require the higher end.

Question 5

Is this loan more expensive than a conventional mortgage?

Accepted Answer

Non-QM loans carry higher rates than conventional. The trade-off is qualifying on income banks won't count. Rates vary by borrower profile and market conditions.

Question 6

How is a 1099 loan different from a bank statement loan?

Accepted Answer

1099 loans use your contractor forms directly. Bank statement loans average your monthly deposits instead.

1099 Loans in Farmersville, CA for Independent Contractors