Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We review both options to find which method qualifies you for the most.

Question 2

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders require at least a 620 score. Stronger scores get better rates on both loan types.

Question 3

How does the expense ratio work on bank statement loans?

Accepted Answer

Lenders subtract a set percentage from your deposits to estimate expenses. That net figure is your qualifying income.

Question 4

Which loan has lower rates — 1099 or bank statement?

Accepted Answer

Rates depend on your credit, loan size, and lender. Rates vary by borrower profile and market conditions.

Question 5

Do these loans work for Union City purchase prices?

Accepted Answer

Both programs offer loan limits high enough for Alameda County. We confirm exact limits based on your scenario.

1099 Loans vs Bank Statement Loans in Union City