Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. We identify which lenders offer this and whether it improves your qualifying income.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Most non-QM lenders require at least 10% down. Stronger credit profiles and reserves can affect the minimum required.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 24 months. Some accept 12. The shorter the history, the fewer lenders will approve the file.

Question 4

Will my tax write-offs hurt my approval?

Accepted Answer

Not with these loan types. That's the point — both 1099 and bank statement loans bypass your taxable income entirely.

Question 5

Are rates higher than a conventional loan?

Accepted Answer

Yes. Non-QM loans carry rate premiums for the flexible documentation. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster in Newark?

Accepted Answer

1099 loans often have simpler review processes. Bank statement loans take longer due to deposit analysis and expense ratio calculations.

1099 Loans vs Bank Statement Loans in Newark, CA