Question 1

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

Accepted Answer

Some lenders allow a combined approach. A broker can shop that option across multiple wholesale lenders to find the best fit.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require at least 10% down. Stronger credit or larger down payments can improve your rate.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Higher scores open better pricing on both 1099 and bank statement programs.

Question 5

Which loan closes faster in Larkspur?

Accepted Answer

Timeline depends on how quickly you can provide documentation. Having 24 months of statements or 1099s ready speeds up underwriting.

Question 6

Do these loans work for Marin County's higher price points?

Accepted Answer

Yes. Many non-QM lenders offer loan amounts well above conforming limits, which matters in high-cost areas like Marin.

1099 Loans vs Bank Statement Loans in Larkspur