Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Most non-QM programs require you to pick one qualifying method.

Question 2

How many years of 1099s do lenders want?

Accepted Answer

Most lenders require two years of 1099s. Some accept one year if your income is consistent and well-documented.

Question 3

Does the expense ratio hurt bank statement loans?

Accepted Answer

Yes. Lenders typically apply a 10-50% expense ratio to deposits. Your qualifying income ends up lower than raw deposits suggest.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for either loan in San Leandro?

Accepted Answer

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

Question 6

Can I buy a San Leandro multi-unit property with these loans?

Accepted Answer

Yes, non-QM programs typically allow 2-4 unit purchases. Down payment requirements are usually higher for investment properties.

1099 Loans vs Bank Statement Loans in San Leandro