Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We check which combination produces the highest qualifying income for your profile.

Question 2

Do these loans require a larger down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Down payment requirements vary by lender and borrower profile.

Question 3

Are rates higher on 1099 and bank statement loans?

Accepted Answer

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

Question 4

How many months of 1099s do I need?

Accepted Answer

Most lenders want one to two years of 1099 forms. Consistency across both years strengthens your file.

Question 5

What if my bank deposits are irregular?

Accepted Answer

Lenders average your deposits over 12 or 24 months. A 24-month average can smooth out slow periods.

Question 6

Can I buy in Lakeport with either loan type?

Accepted Answer

Yes. Both are available for purchases in Lake County. We'll match you to the lender with the best terms for your situation.

1099 Loans vs Bank Statement Loans in Lakeport