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in Mountain View, CA
Mountain View runs on self-employed income. Contractors, consultants, and founders often can't qualify with a W-2 — so the loan program you choose matters.
Both 1099 loans and bank statement loans are non-QM products. Non-QM means they don't follow standard Fannie Mae rules. Each one verifies income differently.
1099 loans are built for independent contractors and freelancers. Lenders use your 1099 forms — usually one to two years — to document income.
This works well if your clients pay you on 1099 and you don't run a complex business. Simple income, clean paper trail.
Bank statement loans use 12 to 24 months of deposits to calculate your income. No tax returns. No 1099s needed.
This is the go-to for business owners who write off expenses aggressively. Your taxable income may look low — your deposits tell a different story.
1099 loans rely on what clients paid you. Bank statement loans rely on what hit your account. Those numbers can differ significantly.
Bank statement loans typically allow higher qualifying income for borrowers with large write-offs. But they require more documentation and lender review time.
If you're a freelancer or contractor with straightforward 1099 income and minimal write-offs, the 1099 loan is cleaner and faster.
If you run a business and your tax returns show low taxable income, use bank statements. Lenders look at actual cash flow — not what the IRS sees.
Some lenders allow it, but most programs pick one method. A broker can find lenders open to blended income documentation.
Yes. Non-QM loans carry higher rates than conventional products. Rates vary by borrower profile and market conditions.
Most lenders require one to two years of 1099 forms. Consistency in income across those years strengthens your file.
Lenders average your deposits over 12 or 24 months. Irregular months matter less when the overall average is strong.
Most non-QM lenders want at least a 620 score. Higher scores get better pricing on both loan types.
1099 loans typically close faster. Bank statement reviews take more underwriting time due to deposit analysis.