Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can identify which approach maximizes your qualifying income.

Question 2

Do these loans work for Point Arena properties?

Accepted Answer

Both programs work statewide. Rural Mendocino County properties may require additional appraisal review depending on the lender.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 620 minimum. Stronger credit improves your rate on both programs.

Question 4

How much do I need to put down?

Accepted Answer

Expect 10-20% down on non-QM loans. Down payment requirements vary by lender and borrower profile.

Question 5

Do heavy tax write-offs hurt my chances?

Accepted Answer

On bank statement loans, yes — lenders apply an expense ratio to deposits. On 1099 loans, gross form income is used instead.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans typically involve less documentation review. Bank statement loans require more processing time depending on statement volume.

1099 Loans vs Bank Statement Loans in Point Arena