Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most want one primary method. A broker can shop programs that accept hybrid documentation.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM programs require 10-20% down. Stronger credit and reserves can help you qualify at lower down payment tiers.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-640 for non-QM products. Higher scores get better pricing on both loan types.

Question 5

Which loan closes faster in a competitive market like Tiburon?

Accepted Answer

Neither is faster by default. Speed depends on how quickly you can deliver documents and how responsive your lender is.

Question 6

Can I use a 1099 loan if I also have W-2 income?

Accepted Answer

Yes. Some programs let you blend 1099 and W-2 income. Tell your broker about all income sources upfront.

1099 Loans vs Bank Statement Loans in Tiburon