Question 1

Can I apply for both loan types at once?

Accepted Answer

You can be evaluated for both. We run the numbers on each to see which qualifies you for more before you commit.

Question 2

Do these loans require tax returns?

Accepted Answer

Neither requires tax returns as the primary income doc. That's the whole point of using 1099s or bank statements instead.

Question 3

What credit score do I need in Escondido?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better rates — rates vary by borrower profile and market conditions.

Question 4

How much can I put down on either loan?

Accepted Answer

Expect a minimum of 10% down on most non-QM programs. Some lenders require more depending on your credit and income profile.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans often process faster since the income calc is simpler. Bank statement loans take more underwriting time to review deposits.

Question 6

Are these loans available for investment properties in Escondido?

Accepted Answer

Yes. Both loan types can be used for investment properties, though terms and down payment requirements will differ from primary residence loans.

1099 Loans vs Bank Statement Loans in Escondido