Question 1

Can I use both 1099 income and bank statements for my San Jacinto mortgage?

Accepted Answer

Some lenders offer flexibility to combine documentation types. A mortgage broker can structure your application to highlight your strongest income evidence.

Question 2

Which loan type has better interest rates?

Accepted Answer

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

Question 3

How long does it take to get approved for these loans in Riverside County?

Accepted Answer

Both programs typically take 30 to 45 days from application to closing. Gathering complete bank statements or 1099 forms upfront speeds the process.

Question 4

Do I need perfect credit for non-QM loans in San Jacinto?

Accepted Answer

No, non-QM programs accept lower credit scores than conventional loans. Most lenders require minimum scores between 580 and 620, depending on other factors.

Question 5

What down payment do these loans require?

Accepted Answer

Most non-QM programs require 10% to 20% down payment. Larger down payments often result in better rates and terms for San Jacinto borrowers.

1099 Loans vs Bank Statement Loans in San Jacinto: Which Non-QM Option Fits Your Business?