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in Maricopa, CA
Most lenders want W-2s. If you're self-employed, that's a problem. These two non-QM loans exist specifically to fix it.
Both programs skip traditional income verification. But they qualify you differently — and that gap matters for approval.
1099 loans are built for independent contractors and freelancers. Lenders use your 1099 forms — not tax returns — to calculate income.
This matters because most 1099 earners write off heavy expenses. Tax returns often show low net income. Your 1099s show the real number.
Bank statement loans use 12 to 24 months of deposits to prove income. Lenders apply an expense ratio and back into your qualifying income.
This works for any self-employed borrower — not just 1099 earners. Business owners, consultants, and sole proprietors all qualify.
1099 loans need a clear paper trail of 1099 income. Bank statement loans need consistent monthly deposits. Those are two very different doc sets.
Rates vary by borrower profile and market conditions. Generally, both programs price above conventional loans — but the gap between them is small.
If you're a freelancer or contractor with solid 1099s, that loan is simpler. Fewer docs, cleaner story for the lender.
If your income mixes sources — or you run a business with no 1099s — bank statements are the better path. We see this often in Kern County deals.
Some lenders allow blended docs, but most want one approach. We'll figure out which method shows your income in the best light.
Most lenders want one to two years of 1099s. Consistency matters — irregular 1099 history makes approval harder.
Either works, but lenders apply a higher expense ratio to business accounts. Personal accounts often produce a higher qualifying income.
Yes, both programs work for purchases in Maricopa. Non-QM lending is active throughout Kern County.
Both programs are flexible, but requirements vary by lender. We shop across 200-plus wholesale lenders to find the best fit for your score.
Yes. Both programs allow rate-and-term and cash-out refinances. Self-employed borrowers use these to exit hard money loans regularly.