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in Moorpark, CA
Self-employed borrowers in Moorpark have two strong non-QM options for home financing. Both 1099 Loans and Bank Statement Loans help independent workers qualify without W-2 income.
These programs serve Ventura County's growing self-employed community. Each loan type verifies income differently, so understanding both helps you choose wisely.
Rates vary by borrower profile and market conditions. The right choice depends on how you receive income and what documentation you can provide.
1099 Loans help independent contractors and freelancers who receive 1099 forms from clients. This mortgage uses your 1099 income documentation instead of traditional W-2 wages.
If you work as a consultant, freelancer, or contractor, this loan fits your income structure. Lenders verify your earnings through your 1099 forms and tax returns.
This option works best when you have clear 1099 documentation from multiple clients. It's ideal for contractors with straightforward income reporting.
Bank Statement Loans use 12 to 24 months of bank statements to verify income for self-employed borrowers. This non-QM option doesn't require tax returns or 1099 forms.
Lenders review your bank deposits to calculate average monthly income. This approach works well if you have business expenses that reduce your taxable income.
Self-employed business owners often prefer this method. It shows your actual cash flow rather than net income after deductions.
The main difference is income verification method. 1099 Loans rely on tax forms from clients, while Bank Statement Loans use deposit history.
1099 Loans suit contractors with multiple clients and straightforward income. Bank Statement Loans help business owners whose tax returns show lower income due to write-offs.
Bank Statement Loans typically require 12 to 24 months of statements. 1099 Loans need your contractor forms and may require tax documentation as well.
Choose 1099 Loans if you're an independent contractor with clear 1099 documentation. This works when your income is straightforward and reported accurately.
Select Bank Statement Loans if you own a business with significant deductions. This option benefits those whose bank deposits exceed their net taxable income.
Both programs serve Ventura County's self-employed community well. A mortgage broker can review your specific situation and recommend the best fit for your Moorpark home purchase.
Yes, many self-employed borrowers qualify for both. A broker can help you choose which provides better terms based on your documentation and income calculation.
Rates vary by borrower profile and market conditions. Neither loan type automatically has better rates; your credit score, down payment, and income stability matter most.
1099 Loans typically require some tax documentation. Bank Statement Loans usually don't require tax returns, using only 12-24 months of bank statements instead.
Both non-QM loans take similar timeframes. Approval depends on how quickly you provide documentation and the lender's review process.
No, both loan types work throughout Ventura County and California. They're available for primary residences, second homes, and investment properties.