Loading
in Marina, CA
Self-employed borrowers in Marina rarely fit a W-2 mold. These two non-QM loans exist specifically for that gap.
Both skip tax returns as the primary income proof. But how they verify your income is very different.
1099 loans use your 1099 forms — not bank statements — to prove income. Lenders typically look at 1 to 2 years of 1099s.
This works best if you're a straight contractor or freelancer. Your 1099 income must be consistent and well-documented.
Bank statement loans use 12 to 24 months of deposits to calculate your income. Lenders apply an expense ratio to your deposits.
Business owners with mixed income streams often do better here. It captures revenue a 1099 alone wouldn't show.
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 Marina.
Self-employed borrowers in Marina rarely fit a W-2 mold. These two non-QM loans exist specifically for that gap.
Both skip tax returns as the primary income proof. But how they verify your income is very different.
1099 loans use your 1099 forms — not bank statements — to prove income. Lenders typically look at 1 to 2 years of 1099s.
1099 loans are cleaner when your income is straightforward. Bank statement loans handle complexity better.
Rates on both run higher than conventional loans. Bank statement loans can sometimes carry a slightly higher rate due to the layered income analysis. Rates vary by borrower profile and market conditions.
If you get paid via 1099 and your income is consistent year over year, the 1099 loan is usually the faster path.
If you own a business, run expenses through accounts, or have mixed income — go bank statement. We see that scenario often in Marina with the contractor and hospitality crowd here.
Some lenders allow a hybrid approach. We identify which method produces the higher qualifying income for your file.
Most non-QM lenders want a 620 minimum. Stronger scores get better pricing on both loan types.
Expect 10-20% down on most non-QM products. Exact requirements depend on the lender and your credit profile.
Non-QM loans can go well above conforming limits. Loan amounts depend on the lender and your qualifying income.
1099 loans often have simpler doc reviews. Bank statement loans take longer when lenders analyze 24 months of deposits.
Yes. Both programs can be used for investment properties in Marina. Terms and down payment requirements will differ.