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in Fillmore, CA
Most Fillmore self-employed borrowers get turned down by conventional lenders. Tax returns rarely tell the full story.
Two non-QM loan types solve this problem differently. Knowing which fits your income structure saves time and money.
1099 loans are built for independent contractors and freelancers. Lenders use your 1099 forms to verify income — not tax returns.
This works well when your 1099 income is consistent. Deductions that tank your tax return don't hurt you here.
Bank statement loans use 12 to 24 months of deposits to calculate income. Lenders average your monthly deposits to set a qualifying figure.
This fits business owners whose income flows through a business or personal account. No 1099s needed — just consistent deposits.
1099 loans need clear contractor income from specific clients. Bank statement loans need consistent cash flow through your accounts.
Bank statement loans carry more flexibility for mixed-income business owners. But they often require more months of documentation.
Pick the 1099 loan if you work as a contractor or gig worker with steady client income. Your 1099s do the heavy lifting.
Choose bank statements if you own a business or mix personal and business income. Deposits matter more than client forms.
Some lenders allow blended documentation. Ask your broker which combo produces the stronger qualifying income.
Yes. Both non-QM programs apply to purchase and refinance transactions in Ventura County.
Most non-QM lenders want 620 or higher. Some programs go lower with stronger compensating factors.
Expect 10–20% down on non-QM loans. Lower credit scores usually mean a higher down payment requirement.
Yes. Non-QM loans price higher than conventional. Rates vary by borrower profile and market conditions.
1099 loans often move faster since the doc set is simpler. Bank statement review takes more time.