Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Most require you to pick one method and stick with it for the full qualification.

Question 2

How many months of bank statements do lenders want?

Accepted Answer

Most lenders want 12 months minimum. Many prefer 24 months for a cleaner average, especially with inconsistent deposits.

Question 3

Do these loans require two years of self-employment?

Accepted Answer

Most non-QM lenders want at least two years of self-employment history. Some allow one year with strong compensating factors.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want a 620 minimum. Better pricing typically starts at 680 or higher, depending on the lender.

Question 5

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Non-QM loans carry rate premiums over conventional financing. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster in Merced County?

Accepted Answer

Timelines depend on documentation readiness, not loan type. Having clean records ready upfront cuts processing time significantly.

1099 Loans vs Bank Statement Loans in Dos Palos