Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most want one primary income doc. A broker can identify which lenders accept blended documentation for your file.

Question 2

Do these loans work for Atwater property purchases?

Accepted Answer

Yes. Both are available for purchases and refinances in Merced County. Loan limits and terms depend on the lender and your borrower profile.

Question 3

How many years of 1099s do lenders typically want?

Accepted Answer

Most lenders want one to two years of 1099s. Two years strengthens your file significantly. Rates vary by borrower profile and market conditions.

Question 4

Are credit score requirements different between these two loans?

Accepted Answer

Generally similar — most non-QM lenders want at least a 620 to 640 score. Some bank statement programs set the floor higher depending on LTV.

Question 5

Will my tax deductions hurt me on a bank statement loan?

Accepted Answer

Less than on a conventional loan. Lenders use deposits, not net income. Business account users may see an expense ratio applied to deposits.

Question 6

Which loan closes faster in Merced County?

Accepted Answer

1099 loans typically close faster due to simpler docs. Bank statement loans involve more review time, especially for business accounts with heavy transaction volume.

1099 Loans vs Bank Statement Loans in Atwater, CA