Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We can shop that option across our lender network to find the best fit.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

How many years of self-employment do I need?

Accepted Answer

Most lenders want at least 2 years in the same field. Some 1099 programs accept 12 months with strong income.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 620 minimum. Stronger scores get better rates and terms on both products.

Question 5

Which loan closes faster in Mariposa?

Accepted Answer

1099 loans often have a simpler review process. Bank statement loans take longer to underwrite due to deposit analysis.

1099 Loans vs Bank Statement Loans in Mariposa