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in Fort Bragg, CA
Fort Bragg attracts a lot of self-employed buyers — contractors, artists, seasonal workers. Standard W-2 loans don't fit their income.
Two non-QM options cover most of them: 1099 loans and bank statement loans. Knowing which fits your income type saves time.
A 1099 loan uses your 1099 forms to verify income. It works best for contractors with one or two steady clients paying them directly.
Lenders typically average 1-2 years of 1099s. Your gross 1099 income — not net after deductions — is what counts here.
Bank statement loans use 12 to 24 months of deposits to calculate your income. No tax returns. No 1099s.
Personal or business accounts both work. Business accounts apply an expense ratio to deposits. Personal accounts typically use full deposit amounts.
Local decision guide
Use this comparison to weigh 1099 Loans and Bank Statement Loans through local payment fit, eligibility, documentation, and timing before choosing a path in Fort Bragg.
Fort Bragg attracts a lot of self-employed buyers — contractors, artists, seasonal workers. Standard W-2 loans don't fit their income.
Two non-QM options cover most of them: 1099 loans and bank statement loans. Knowing which fits your income type saves time.
A 1099 loan uses your 1099 forms to verify income. It works best for contractors with one or two steady clients paying them directly.
The core difference is documentation. 1099 loans need your client-issued income forms. Bank statement loans need your deposit history instead.
If your write-offs shrink your taxable income aggressively, bank statements often show more usable income than 1099s. That can mean a larger loan.
If you're a freelancer with documented 1099 clients and modest deductions, the 1099 loan is usually the cleaner path. Less paperwork, faster review.
If you run a business with mixed income, multiple clients, or large write-offs, bank statements often produce a stronger qualifying income number.
Most lenders pick one method per file. We can run both scenarios and go with whichever produces the stronger qualifying income.
Yes, both are non-QM and can finance investment or second properties. Rental income treatment varies by lender.
Most lenders want 12 months minimum. Stronger files often use 24 months to show consistent deposits.
They can. 1099 loans use your gross 1099 income, but some lenders still review returns. Bank statements often bypass that issue.
Most lenders want 620 or higher. Stronger scores improve your rate. Requirements vary across lenders.
Banks typically offer one or two non-QM products. We shop across 200+ wholesale lenders to find the best fit for your income type.