Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow blended income documentation. Talk to a broker who shops non-QM lenders — options vary widely across wholesale programs.

Question 2

Which loan has the better rate in Piedmont?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither loan type consistently beats the other — credit score and LTV matter more.

Question 3

Do either of these loans require tax returns?

Accepted Answer

No. Both 1099 loans and bank statement loans are designed specifically to bypass tax return income verification.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Better pricing typically starts at 680 or above.

Question 5

How much can I borrow with these loan types in Piedmont?

Accepted Answer

Both can go into jumbo territory, which matters in Piedmont. Your qualifying income calculation determines the max loan amount.

Question 6

How long does it take to close either loan?

Accepted Answer

Non-QM loans typically take 3-4 weeks. Having your 1099s or bank statements organized upfront speeds up the process significantly.

1099 Loans vs Bank Statement Loans in Piedmont, CA