Question 1

Can I qualify for both loan types?

Accepted Answer

Yes, some borrowers qualify for both programs. A mortgage professional can compare which option gives you better terms based on your documentation.

Question 2

Which loan has lower rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Your credit score, down payment, and documentation quality affect your rate more than the loan type itself.

Question 3

How long does approval take for each loan?

Accepted Answer

Both typically take 30-45 days to close. The timeline depends more on how quickly you provide documentation than the specific loan program.

Question 4

Do I need a larger down payment for these loans?

Accepted Answer

Down payment requirements vary by lender and your profile. Many non-QM loans require 10-20% down, though some programs accept less.

Question 5

Are these loans available throughout Riverside County?

Accepted Answer

Yes, both 1099 Loans and Bank Statement Loans are available throughout Palm Springs and Riverside County. Property type and location affect eligibility.

1099 Loans vs Bank Statement Loans in Palm Springs: Which Is Right for You?