Question 1

Can I qualify for both loan types?

Accepted Answer

Yes, many self-employed borrowers qualify for both programs. A mortgage broker can determine which option gives you better terms based on your specific income documentation.

Question 2

Which loan type has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions for both programs. Your credit score, down payment, and income documentation quality affect rates more than loan type.

Question 3

How long does approval take for these loans?

Accepted Answer

Both programs typically take 30-45 days to close. Processing time depends on how quickly you provide documentation and the lender's current volume.

Question 4

Do I need a larger down payment than conventional loans?

Accepted Answer

Non-QM loans often require 10-20% down, though requirements vary by lender. Your specific down payment depends on credit score and income strength.

Question 5

Are these loans available throughout Montclair?

Accepted Answer

Yes, both 1099 loans and bank statement loans are available for properties throughout Montclair and San Bernardino County. Property type and location don't limit access.

1099 Loans vs Bank Statement Loans in Montclair: Which Self-Employed Loan Fits You?