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in Victorville, CA
Most Victorville self-employed borrowers get turned down by conventional lenders. Tax returns show too little income. These two non-QM loans fix that problem differently.
Both skip W-2s entirely. The difference is how they prove your income — and that changes who qualifies.
1099 loans are built for independent contractors and freelancers. Lenders use your 1099 forms — typically the last 1-2 years — to calculate qualifying income.
This works best if you have consistent 1099 income from a few clients. Sporadic gig income spread across many payers is harder to underwrite cleanly.
Bank statement loans use 12 to 24 months of deposits to verify income. Lenders apply an expense ratio — usually 50% — to calculate your net qualifying income.
This works for any self-employed borrower with strong cash flow. Business owners, consultants, and sole proprietors all use this path.
1099 loans use gross earnings from your forms. Bank statement loans use actual deposits — then discount them by an expense ratio. Your qualifying income can differ significantly between the two.
If your 1099 income is high but your bank deposits look lean, go 1099. If deposits are strong but 1099 forms are inconsistent, bank statements win.
Victorville has a large contractor and trades workforce. If you pull steady 1099s from a handful of clients, that program is usually simpler and cleaner to close.
Business owners running revenue through a business account often qualify for more using bank statements. Run the numbers both ways — we do that before you ever apply.
Yes. We run your scenario through both programs before submitting anything. You pick the one with better terms.
Most lenders want at least 620-640 for non-QM programs. Higher scores get better rates. Rates vary by borrower profile and market conditions.
Most lenders want 1-2 years of 1099 history. One year may work with strong income and reserves.
Expect 10-20% down for most non-QM programs. Exact requirements depend on credit score and loan size.
Yes, both programs can be used for investment property. Expect slightly higher rates and down payment requirements.
1099 loans often have simpler documentation. Bank statement loans require gathering months of records, which can add time.