Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We can match you to a wholesale lender that accepts the combo if it strengthens your file.

Question 2

Which loan has the lower minimum credit score?

Accepted Answer

Requirements vary by lender, but most non-QM programs start around 620-640. Your rate improves significantly above 700.

Question 3

Do these loans work for Albany home prices?

Accepted Answer

Both programs offer loan limits well above conforming. High-balance non-QM options are available for Alameda County purchase prices.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most bank statement lenders require 12 months minimum. Some programs require 24 months for stronger income averaging.

Question 5

Are 1099 loans harder to get approved?

Accepted Answer

Not harder — just different. The underwrite is straightforward if your 1099s show consistent gross income over one to two years.

Question 6

Which loan closes faster in Albany?

Accepted Answer

1099 loans typically have simpler document reviews. Bank statement loans take longer due to deposit analysis, but both are manageable.

1099 Loans vs Bank Statement Loans in Albany, CA