Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

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

Question 2

Do these loans require tax returns?

Accepted Answer

Neither program requires tax returns as the primary income document. That's the core reason self-employed borrowers use them.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 660 credit score. Stronger scores get better rates — rates vary by borrower profile and market conditions.

Question 4

How much can I put down with a non-QM loan in Ross?

Accepted Answer

Expect a minimum of 10-20% down. Higher loan amounts in Marin County may push that requirement up depending on the lender.

Question 5

Does my business structure affect which loan I should use?

Accepted Answer

Yes. Sole proprietors often lean toward 1099 loans. S-corp and LLC owners typically benefit more from the bank statement approach.

Question 6

Are rates higher on non-QM loans than conventional?

Accepted Answer

Non-QM rates run higher than conventional. The trade-off is qualifying without traditional income docs. Rates vary by borrower profile and market conditions.

1099 Loans vs Bank Statement Loans in Ross, CA