Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Not on the same loan. Each program has its own income method. A broker can review both and tell you which gets you the higher qualifying income.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Exact requirements vary by lender, credit profile, and loan amount.

Question 3

Which loan has the better rate — 1099 or bank statement?

Accepted Answer

Rates depend on your credit, down payment, and the lender. Rates vary by borrower profile and market conditions — get quotes on both before deciding.

Question 4

How many years of 1099s do lenders want?

Accepted Answer

Most lenders want 1 to 2 years of 1099s. Consistency matters more than the number of years.

Question 5

Can I use a business bank account for a bank statement loan?

Accepted Answer

Yes. Most lenders accept business statements. They may apply an expense factor to the deposits to calculate net qualifying income.

Question 6

Are these loans available for Grand Terrace properties?

Accepted Answer

Yes. Both loan types are available in San Bernardino County, including Grand Terrace. Property type and loan amount still affect eligibility.

1099 Loans vs Bank Statement Loans in Grand Terrace