Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow blended documentation. A broker can find programs that accept both to strengthen your file.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans carry higher rates 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 help you qualify at the lower end.

Question 4

What credit score do I need?

Accepted Answer

Most lenders want at least 620. Better scores open up lower rates and higher loan amounts on both programs.

Question 5

How many months of bank statements do I need?

Accepted Answer

Bank statement loans require 12 to 24 months. Lenders use that history to calculate your qualifying income.

Question 6

Are these loans available in El Centro and Imperial County?

Accepted Answer

Yes. Non-QM programs are available statewide. We work with 200+ wholesale lenders who fund loans in Imperial County.

1099 Loans vs Bank Statement Loans in El Centro