Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most programs require you to pick one method. We find which approach produces the higher qualifying income.

Question 2

How many years of 1099s do I need?

Accepted Answer

Most 1099 loan programs want 1 to 2 years. Consistency in earnings matters as much as the total amount.

Question 3

Do bank statement loans require business bank accounts?

Accepted Answer

No. Personal bank accounts work. Business accounts often produce a higher qualifying income after the expense ratio is applied.

Question 4

Are these loans available in Mendocino County?

Accepted Answer

Yes. Both programs are available in Ukiah and throughout Mendocino County through wholesale non-QM lenders.

Question 5

What credit score do I need for either program?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 700 get meaningfully better pricing on both loan types.

Question 6

Which loan has a lower down payment requirement?

Accepted Answer

Both typically require 10 to 20 percent down. Exact requirements depend on credit score and loan amount.

1099 Loans vs Bank Statement Loans in Ukiah