Question 1

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

Accepted Answer

Some lenders allow blended documentation. Ask your broker which approach produces the stronger income calculation for your file.

Question 2

Do these loans work for Wasco home purchases?

Accepted Answer

Yes. Both loan types are available for purchases in Kern County. Loan limits and terms depend on your lender and borrower profile.

Question 3

What credit score do I need for a 1099 loan?

Accepted Answer

Most lenders want at least a 620 score. Some non-QM lenders go lower, but expect the rate to reflect it.

Question 4

How many months of bank statements do lenders require?

Accepted Answer

Most programs require 12 months minimum. Twenty-four months gives lenders more confidence and can improve your qualifying income.

Question 5

Are these loans harder to get than conventional loans?

Accepted Answer

They're different, not harder. The income documentation is flexible, but lenders may require larger down payments or charge higher rates.

Question 6

Which loan closes faster in Kern County?

Accepted Answer

1099 loans typically have simpler documentation. Bank statement loans take longer if lenders need to analyze business versus personal deposits.

1099 Loans vs Bank Statement Loans in Wasco, CA