Question 1

Can I use just one year of 1099 income to qualify?

Accepted Answer

Some lenders accept 12 months of 1099s. Most prefer two years for a stronger approval.

Question 2

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

Accepted Answer

No. Lenders use your gross 1099 income, not your taxable income. Write-offs don't count against you.

Question 3

What credit score do I need for a 1099 loan in Porterville?

Accepted Answer

Most programs require at least 620. Higher scores get better rates and terms.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down for most 1099 loan programs. Some lenders allow less with stronger credit.

Question 5

Is a 1099 loan more expensive than a conventional loan?

Accepted Answer

Rates are typically higher than conventional. The tradeoff is qualifying on income a bank would reject.

Question 6

Can Porterville truckers and ag contractors use this loan?

Accepted Answer

Yes. Truckers and agricultural contractors with consistent 1099 income are strong candidates for this program.

1099 Loans in Porterville, CA for Self-Employed Borrowers