Question 1

Can I qualify for both loan types at once?

Accepted Answer

No — lenders pick one income method. We'll review your docs and tell you which one gives you the stronger qualifying income.

Question 2

Do these loans work for Apple Valley purchase prices?

Accepted Answer

Yes. Both are available for primary homes, second homes, and investment properties in Apple Valley and across San Bernardino County.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some programs require 24 months for stronger qualification.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores get better pricing — rates vary by borrower profile and market conditions.

Question 5

Are 1099 loans only for full-time freelancers?

Accepted Answer

Not necessarily. The key is having consistent 1099 income for one to two years. Part-time gig income alone usually won't qualify.

Question 6

Which loan has lower rates — 1099 or bank statement?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither is always cheaper — your credit, down payment, and income strength drive pricing.

1099 Loans vs Bank Statement Loans in Apple Valley