Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can match you with the right lender for your specific income mix.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders in this space require at least 10% down. Stronger credit can sometimes bring that requirement lower.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Higher scores get better pricing on both 1099 and bank statement products.

Question 5

Are these loans available for Gustine properties specifically?

Accepted Answer

Yes. Non-QM loans fund across Merced County. Rural property types may affect which lenders will participate.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans often move quicker. Fewer documents to review means less back-and-forth before approval.

1099 Loans vs Bank Statement Loans in Gustine, CA