Question 1

Can I qualify for both loan types in Calimesa?

Accepted Answer

Yes, many self-employed borrowers qualify for both options. A mortgage broker can help you choose which documentation method shows your income best.

Question 2

Which loan type has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions for both loans. Your credit score, down payment, and documentation strength affect your specific rate more than loan type.

Question 3

How far back do I need documentation?

Accepted Answer

Bank Statement Loans typically require 12-24 months of statements. 1099 Loans usually need one to two years of 1099 forms from your clients.

Question 4

Do I need perfect credit for these loans?

Accepted Answer

No, both options accept lower credit scores than traditional mortgages. Specific requirements vary by lender and your overall financial profile.

Question 5

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders offer flexibility in documentation. Discuss your available documents with a Riverside County mortgage broker to find the best approach.

1099 Loans vs Bank Statement Loans in Calimesa: Which Self-Employed Mortgage Fits You?