Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. Your broker picks the method that produces the highest qualifying income.

Question 2

Do these loans require a large down payment?

Accepted Answer

Most non-QM lenders in this category want 10-20% down. Stronger credit profiles may qualify at the lower end.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders require at least 620-640. Better scores unlock lower rates on both products.

Question 4

Are 1099 loans available in Livermore specifically?

Accepted Answer

Yes. SRK CAPITAL works with wholesale lenders that offer both programs throughout Alameda County.

Question 5

Which loan has lower interest rates?

Accepted Answer

Rates are similar for both since both are non-QM. Your credit score and down payment drive the difference. Rates vary by borrower profile and market conditions.

Question 6

How long does it take to close a non-QM loan?

Accepted Answer

Expect 21-35 days. Having your bank statements or 1099s organized upfront cuts that timeline significantly.

1099 Loans vs Bank Statement Loans in Livermore