Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

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

Question 2

Do these loans work for Corcoran home purchases?

Accepted Answer

Yes. Both are available for purchases and refinances in Kings County. Non-QM products are not limited to high-cost areas.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 620 minimum, though some go lower with compensating factors. Higher scores get better pricing.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10–20% down on most non-QM products. Lower down payments are possible but usually come with stricter credit requirements.

Question 5

Will my write-offs hurt me on a bank statement loan?

Accepted Answer

Less than on a conventional loan. Lenders use an expense ratio — not your tax return — to calculate net income from deposits.

Question 6

Which loan closes faster in practice?

Accepted Answer

Both have similar timelines when docs are ready. Having 12–24 months of clean statements or organized 1099s upfront speeds things up.

1099 Loans vs Bank Statement Loans in Corcoran, CA