Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow hybrid documentation. We shop across 200+ wholesale lenders to find programs that accept your specific income mix.

Question 2

Do these loans cost more than conventional?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM programs require 10-20% down. Stronger credit and reserves can get you to the lower end.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-640 for non-QM products. Higher scores improve your rate significantly.

Question 5

Can I buy a home in Jackson with a bank statement loan?

Accepted Answer

Yes. Non-QM loans work statewide including Amador County. Property type and loan size affect which lenders will approve it.

Question 6

How long does approval take on non-QM loans?

Accepted Answer

Expect 3-4 weeks. Non-QM underwriting takes more time than conventional because income review is more manual.

1099 Loans vs Bank Statement Loans in Jackson, CA