Question 1

Can I apply for both loan types at once?

Accepted Answer

You can run both scenarios before committing. We calculate qualifying income under each method and show you which gets you to a higher loan amount.

Question 2

Do 1099 loans require two years of 1099s?

Accepted Answer

Most lenders want 1-2 years of 1099s. Some accept one year if your income is strong and consistent.

Question 3

What expense ratio do lenders use for bank statements?

Accepted Answer

Most lenders apply a 50% expense ratio to business deposits. Personal account deposits are often taken at a higher percentage.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Both are non-QM products. Rates vary by borrower profile and market conditions, but expect a premium over conventional pricing.

Question 5

What credit score do I need in Rohnert Park?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 680 open up better rate tiers on both loan types.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans often move faster — fewer documents to review. Bank statement loans require lenders to analyze months of transactions, which adds time.

1099 Loans vs Bank Statement Loans in Rohnert Park