Question 1

Can I qualify for both loan types?

Accepted Answer

Yes, some borrowers qualify for both programs. A broker will recommend the option that provides better terms based on your specific income documentation and financial profile.

Question 2

Which loan has better rates in Rialto?

Accepted Answer

Rates vary by borrower profile and market conditions for both programs. Your credit score, down payment, and documentation quality affect the rate you receive on either loan type.

Question 3

Do I need tax returns for these loans?

Accepted Answer

1099 Loans typically require 1099 forms instead of full tax returns. Bank Statement Loans may not require tax returns at all, depending on the lender's specific program requirements.

Question 4

How much down payment do I need?

Accepted Answer

Down payment requirements vary by lender and loan program. Most non-QM loans require 10-20% down, though some programs may accept less depending on your overall financial profile.

Question 5

Which is easier to qualify for?

Accepted Answer

Qualification ease depends on your documentation. If you have clear 1099 forms, that route is simpler. If your income is harder to document, bank statements may be easier.

1099 Loans vs Bank Statement Loans in Rialto: Which Self-Employed Option Fits You?