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in Chino, CA
Self-employed borrowers in Chino have two strong non-QM options. Both skip W-2s and tax returns as the primary income proof.
The right choice depends on how you get paid and how your money flows. These two loans solve the same problem in different ways.
1099 loans use your contractor income forms — not bank deposits — to verify what you earn. Lenders typically want 1-2 years of 1099s.
This loan fits independent contractors, gig workers, and freelancers. If clients issue you 1099s, this path is clean and direct.
Bank statement loans use 12 to 24 months of deposits to calculate your income. Lenders apply an expense ratio to find your net.
This fits business owners, consultants, and anyone whose income runs through a business or personal account. More flexible than 1099 loans.
The core difference is documentation. 1099 loans look at what clients paid you. Bank statement loans look at what hit your account.
CNBC flagged 30-year conforming rates at 6.30% recently. Non-QM rates run higher — expect that spread on both products. Rates vary by borrower profile and market conditions.
Bank statement loans require more paperwork upfront. But they qualify more income types. 1099 loans are simpler if your income is clean and contractor-based.
If you work as a contractor and get 1099s from clients, start there. The documentation is straightforward and lenders like the clean paper trail.
If you own a business, mix contract and direct income, or run expenses through your accounts — bank statements will likely qualify more of your income.
Chino has a strong mix of small business owners and independent trades workers. Both loans have a real place here.
Some lenders allow combined documentation. Most want one primary method — we'll match you to the right lender based on your income mix.
Rates are comparable between the two. Your credit score, down payment, and loan amount drive the difference more than the doc type. Rates vary by borrower profile and market conditions.
Most non-QM lenders want 10-20% down. Stronger credit and reserves can help you get to the lower end of that range.
Most lenders start at 620-640 for non-QM products. Higher scores open better rates on both 1099 and bank statement programs.
Yes, both programs can finance investment properties. Expect a higher rate and down payment requirement than on a primary residence.
Non-QM loans typically close in 21-30 days. Having your statements or 1099s organized upfront keeps things moving.