Question 1

Can I apply for both loan types at once?

Accepted Answer

We can run scenarios for both programs simultaneously. We submit one application to whichever fits your income profile best.

Question 2

Do 1099 loans require two years of 1099 history?

Accepted Answer

Most lenders want 1-2 years of 1099s. Some programs accept 12 months if your income is consistent.

Question 3

What expense ratio do bank statement lenders use?

Accepted Answer

It varies by lender — typically 50% to 90% of deposits count as qualifying income. Rates vary by borrower profile and market conditions.

Question 4

Are credit score requirements different between the two?

Accepted Answer

Both are non-QM products. Minimum scores typically start around 620-640, but higher scores get better pricing.

Question 5

Which loan type has lower rates in Adelanto?

Accepted Answer

Neither is consistently cheaper. The rate depends on your credit, down payment, and which lender prices that program aggressively. Rates vary by borrower profile and market conditions.

Question 6

Can I use personal bank statements instead of business?

Accepted Answer

Some lenders allow personal statements. Business statements typically produce a higher qualifying income when deposits are strong.

1099 Loans vs Bank Statement Loans in Adelanto