Question 1

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

Accepted Answer

Some lenders accept a combination, but most programs require one method. A broker can identify which lenders allow blended documentation.

Question 2

Do these loans require higher credit scores than conventional?

Accepted Answer

Non-QM lenders often start at 620, but stronger credit scores get better rates. Requirements vary by lender and program.

Question 3

How much can I borrow with a bank statement loan in Gridley?

Accepted Answer

Loan limits depend on your average monthly deposits and the lender's guidelines. There's no universal cap — it varies by program.

Question 4

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans typically involve fewer documents. Bank statement loans require more review time since lenders analyze months of deposits.

Question 5

Are these loans only for purchase, or can I refinance?

Accepted Answer

Both loan types work for purchases and refinances. Non-QM refinances follow the same income documentation rules as purchases.

Question 6

Do I need two years of self-employment history for either loan?

Accepted Answer

Most lenders want at least one to two years of self-employment history. Some programs allow less with compensating factors like strong reserves.

1099 Loans vs Bank Statement Loans in Gridley, CA