Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow a hybrid approach. We shop across 200+ wholesale lenders to find programs that accept combined documentation.

Question 2

Which loan has the lower interest rate?

Accepted Answer

Neither is consistently cheaper. Your rate depends on credit score, down payment, and loan amount. Rates vary by borrower profile and market conditions.

Question 3

Do I need two years of self-employment history?

Accepted Answer

Most lenders want 1-2 years of self-employment. Some programs accept 12 months if income documentation is strong.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit opens up better rates and lower down payment options.

Question 5

How much can I put down on either loan?

Accepted Answer

Expect 10-20% down for most non-QM programs. Larger down payments can offset weaker credit or income documentation.

Question 6

Which loan closes faster in Lemoore?

Accepted Answer

Timeline depends more on documentation readiness than loan type. Have 1-2 years of records organized before you apply.

1099 Loans vs Bank Statement Loans in Lemoore