Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow both, but most want one primary method. A broker can identify which gives you the higher qualifying income.

Question 2

Do these loans require higher down payments?

Accepted Answer

Non-QM loans often require more down than conventional loans. Exact requirements depend on the lender and your credit profile.

Question 3

Which loan has better rates?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither program has a universally lower rate — your financials determine the pricing.

Question 4

How many months of bank statements do lenders want?

Accepted Answer

Most lenders require 12 to 24 months. Longer history gives lenders more confidence in your income consistency.

Question 5

Do these loans work for Holtville properties?

Accepted Answer

Yes. Non-QM lenders cover California rural markets including Imperial County. Property type and loan amount still affect approval.

Question 6

What credit score do I need for either loan?

Accepted Answer

Non-QM lenders typically start around 620 to 640. Higher scores get better pricing on both 1099 and bank statement loans.

1099 Loans vs Bank Statement Loans in Holtville