Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can match you with one that accepts your full income picture.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates due to alternative documentation. Rates vary by borrower profile and market conditions.

Question 3

How many years of 1099s do I need?

Accepted Answer

Most lenders want 1 to 2 years. Consistency in your income type and amount matters as much as the length.

Question 4

What expense ratio do lenders use for bank statement loans?

Accepted Answer

It varies by lender, often 40-50% for business accounts. Personal accounts typically use a lower ratio.

Question 5

Are these loans available for San Anselmo home purchases?

Accepted Answer

Yes. Both loan types are available for purchase and refinance in Marin County. Loan limits and terms vary by lender.

Question 6

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620, though stronger scores improve your rate. Requirements vary by lender and program.

1099 Loans vs Bank Statement Loans in San Anselmo