Question 1

Can I use one year of 1099s to qualify in Simi Valley?

Accepted Answer

Some lenders accept just 12 months of 1099 income. More lenders open up — and offer better rates — with a 2-year history.

Question 2

Do my tax write-offs hurt me on a 1099 loan?

Accepted Answer

No. That's the point. 1099 loans use gross income from your forms, not the net figure your tax return shows after deductions.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders require 620 minimum. Stronger scores above 700 get you better rates and more program options. Rates vary by borrower profile and market conditions.

Question 4

Is a 1099 loan considered a non-QM loan?

Accepted Answer

Yes. It falls outside conventional underwriting guidelines. That means it won't be sold to Fannie Mae or Freddie Mac.

Question 5

How does a 1099 loan differ from a bank statement loan?

Accepted Answer

A bank statement loan uses deposit history to calculate income. A 1099 loan uses your IRS forms directly — simpler if your income is documented that way.

Question 6

Can I buy in Ventura County with 1099 income and 10% down?

Accepted Answer

Some programs allow 10% down for qualified 1099 borrowers. Loan size and credit profile affect what's available. Rates vary by borrower profile and market conditions.

1099 Loans in Simi Valley for Independent Contractors