Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We find which wholesale programs in our network accept that structure for your specific deal.

Question 2

Which loan has stricter credit requirements?

Accepted Answer

Both programs typically require a minimum 620-660 credit score. Requirements vary by lender and loan amount.

Question 3

Do these loans work for Pleasanton home prices?

Accepted Answer

Both programs offer loan amounts well above conforming limits. High-balance and jumbo non-QM options exist for pricier Pleasanton properties.

Question 4

How much down payment do I need?

Accepted Answer

Most non-QM lenders require 10-20% down. Stronger credit and reserves can reduce that requirement on some programs.

Question 5

What if my income dropped in the last 12 months?

Accepted Answer

A declining income trend raises flags on both products. Using 24-month averaging can smooth out a single down year.

Question 6

How long does approval take compared to conventional loans?

Accepted Answer

Non-QM underwriting typically runs 2-4 weeks. Having your statements or 1099s organized upfront cuts that timeline significantly.

1099 Loans vs Bank Statement Loans in Pleasanton