Question 1

Can I use 1099 income from multiple clients to qualify?

Accepted Answer

Yes, lenders combine income from all your 1099 sources when calculating qualifying income. They look for overall income stability rather than requiring a single primary client relationship.

Question 2

Do I need to provide two years of tax returns?

Accepted Answer

Most 1099 loan programs use your 1099 forms directly rather than full tax returns. This allows you to qualify based on gross receipts before business deductions reduce your reported income.

Question 3

What if I just started receiving 1099 income this year?

Accepted Answer

Most programs require 12-24 months of 1099 history. If you recently transitioned to self-employment, you may need to wait or explore alternative programs like asset depletion loans.

Question 4

Are interest rates much higher than conventional mortgages?

Accepted Answer

Rates vary by borrower profile and market conditions. Expect pricing typically 0.5-2% above conventional rates, with your credit score and down payment significantly affecting the final rate.

Question 5

Can I refinance with a 1099 loan in Winters?

Accepted Answer

Yes, 1099 loan programs work for both purchases and refinances. The same income documentation and qualification requirements apply whether you're buying or refinancing.

1099 Loans in Winters: Financing Solutions for Self-Employed Professionals