Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Most programs require you to pick one method. Ask your broker which produces the higher qualifying income.

Question 2

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 credit score. Stronger scores get better rates on both programs.

Question 3

Do these loans work for Berkeley home purchases?

Accepted Answer

Yes. Both programs work for purchase and refinance. Non-QM loans are common in high-cost Bay Area markets.

Question 4

How much can I borrow with a bank statement loan?

Accepted Answer

Loan limits vary by lender — many go up to $3M or more. Your qualifying income from deposits determines the maximum.

Question 5

Are 1099 loans harder to get than bank statement loans?

Accepted Answer

Neither is harder — they're just different. 1099 loans need clean documentation. Bank statement loans need consistent deposit history.

1099 Loans vs Bank Statement Loans in Berkeley