Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We'll match you with one that accepts your full income picture.

Question 2

Do these loans work for Clearlake property purchases?

Accepted Answer

Yes. Both are available for primary homes, second homes, and investment properties in Lake County.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

How much can I put down on a bank statement loan?

Accepted Answer

Expect a minimum of 10% down, sometimes more depending on credit and loan size. Each lender sets their own floor.

Question 5

Are 1099 loan rates higher than conventional rates?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster?

Accepted Answer

Bank statement loans are more common — more lenders means faster processing. 1099 loans can take longer to place.

1099 Loans vs Bank Statement Loans in Clearlake