Question 1

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

Accepted Answer

Some lenders allow hybrid documentation. A broker can shop both options across wholesale lenders to find the strongest qualifying scenario for you.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Expect 10% to 20% down depending on the lender and your credit profile.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 680 open up better pricing on both loan types.

Question 4

Are 1099 loans or bank statement loans available in Calexico?

Accepted Answer

Yes. Both are non-QM products available statewide in California. Calexico borrowers qualify just like any other CA county.

Question 5

How long does it take to close a non-QM loan?

Accepted Answer

Non-QM loans often take 30 to 45 days. Having your documents ready upfront cuts that timeline significantly.

Question 6

Will my write-offs hurt me on either loan?

Accepted Answer

On a 1099 loan, write-offs have less impact since income comes from the 1099 form. Bank statement loans use deposits, so deductions on your tax return don't reduce qualifying income.

1099 Loans vs Bank Statement Loans in Calexico