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in West Sacramento, CA
Most West Sacramento self-employed buyers get turned down by conventional lenders. Their income is real — it just doesn't fit a W-2 box.
Two non-QM options solve this: 1099 loans and bank statement loans. Knowing which one fits your income type matters before you apply.
1099 loans are built for independent contractors and freelancers. Lenders use your 1099 forms — not bank deposits — to verify income.
This works well if your clients issue 1099s consistently. One or two years of 1099s typically satisfies income documentation.
Bank statement loans qualify you on actual cash flow. Lenders average 12 to 24 months of deposits to calculate your income.
This fits borrowers whose 1099s don't capture the full picture — or who collect income from multiple sources without consistent forms.
The core split: 1099 loans rely on forms issued by clients. Bank statement loans rely on what actually hits your account.
If you write off significant expenses on taxes, bank statement loans can show stronger income. 1099 loans ignore those deductions entirely.
Go with a 1099 loan if you have clean contractor income from identifiable clients and minimal business expenses to document.
Choose bank statement loans if you run a business, collect from multiple sources, or have write-offs that crater your taxable income.
Some lenders allow blended documentation. We'll check what's available across our lender network for your specific profile.
Yes. Both loan types are available for purchases and refinances in Yolo County. Loan limits and terms vary by lender.
Most non-QM lenders want at least a 620 score. Higher scores typically get better rates. Rates vary by borrower profile and market conditions.
Many lenders require 10-20% down on non-QM loans. Exact requirements depend on your credit score and the lender.
Yes. Non-QM loans carry higher rates due to reduced documentation. Rates vary by borrower profile and market conditions.
Both have similar timelines. Bank statement loans can take longer if lenders need to average 24 months of deposits.