Question 1

Can I qualify for both loan types?

Accepted Answer

Yes, some borrowers qualify for both programs. A lender will help you determine which option provides better terms based on your income documentation.

Question 2

Do these loans have higher rates than conventional mortgages?

Accepted Answer

Non-QM loans often have slightly higher rates due to flexible qualification standards. Rates vary by borrower profile and market conditions in Redlands.

Question 3

How much documentation do I need for each program?

Accepted Answer

1099 Loans require 1-2 years of 1099 forms. Bank Statement Loans need 12-24 months of statements from business or personal accounts.

Question 4

Which loan is faster to process in Redlands?

Accepted Answer

Processing times are similar for both programs. The speed depends more on how quickly you provide complete documentation to your lender.

Question 5

Are down payment requirements different between these loans?

Accepted Answer

Down payment requirements are typically similar for both programs. Most non-QM loans require 10-20% down, depending on your credit and situation.

1099 Loans vs Bank Statement Loans in Redlands: Which Is Right for You?