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 who accepts your specific income mix.

Question 2

How many years of 1099s do lenders want?

Accepted Answer

Most lenders want one to two years. Two years gives you stronger qualifying income and more lender options.

Question 3

Which loan has the lower rate?

Accepted Answer

1099 loans often price slightly better than bank statement loans. Rates vary by borrower profile and market conditions.

Question 4

Do either of these require mortgage insurance?

Accepted Answer

Neither typically requires PMI. These are non-QM products with their own pricing structure built into the rate.

Question 5

What credit score do I need for these loans?

Accepted Answer

Most lenders want a 660 or higher for non-QM products. Some go lower with stronger assets or a bigger down payment.

Question 6

Are seasonal workers in South Lake Tahoe eligible?

Accepted Answer

Yes — bank statement loans work well for seasonal earners. Lenders look at deposit patterns across 12 to 24 months.

1099 Loans vs Bank Statement Loans in South Lake Tahoe