Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow a mix, but most want you to qualify with one primary method. The best choice is usually the one that shows your income most clearly.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Usually, yes. These loans trade some pricing for a more flexible income review. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want around 640 or higher for both. Better pricing usually shows up once you move above 700.

Question 4

How much do I need to put down in Alameda?

Accepted Answer

Expect roughly 10% to 20% down on many of these loans. Lower credit scores or more complex files often need more cash down.

Question 5

Which loan closes faster?

Accepted Answer

A 1099 loan often closes faster when the forms are clean. Bank statement loans usually take a little more review because the lender has to analyze the deposits.

Question 6

Are these loans available for investment properties in Alameda?

Accepted Answer

Yes. Both can be used on investment properties in the right scenario, though the terms usually change depending on whether the property will be a primary home, second home, or rental.

In Alameda, 1099 and Bank Statement Loans Solve Similar Problems in Different Ways