Question 1

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

Accepted Answer

Some lenders allow it, but most want two years. One-year programs usually require stronger credit and a larger down payment.

Question 2

Do my tax deductions hurt my qualifying income?

Accepted Answer

On most 1099 loans, yes. Some lenders use gross 1099 income before deductions — ask which method applies before you apply.

Question 3

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

Accepted Answer

Most programs start at 620. Scores above 680 open up better rates and lower down payment options.

Question 4

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

Accepted Answer

A 1099 loan qualifies you using your 1099 forms. A bank statement loan uses your deposit history instead — useful if your income doesn't come as direct 1099 payments.

Question 5

Are rates higher on 1099 loans than conventional loans?

Accepted Answer

Yes. Non-QM products carry a rate premium over conventional financing. Rates vary by borrower profile and market conditions.

Question 6

Can I buy in San Buenaventura with a 1099 loan and 10% down?

Accepted Answer

Yes, if your income, credit, and reserves meet lender requirements. Some programs go down to 10% — others require 20% or more.

1099 Loans in San Buenaventura for Independent Earners