Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow it, but most want one income method. A broker can shop lenders in Merced who accept blended documentation.

Question 2

Do these loans work for Merced property purchases?

Accepted Answer

Yes. Both programs apply to purchase and refinance transactions. Non-QM lenders are active in Merced County.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Higher scores get better terms on both 1099 and bank statement loans.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down for most non-QM programs. Lower down payments are possible but come with stricter conditions.

Question 5

Are rates higher than conventional loans?

Accepted Answer

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

Question 6

Which loan closes faster in Merced?

Accepted Answer

1099 loans often close faster due to simpler docs. Bank statement loans take longer when lenders need to analyze 24 months of deposits.

1099 Loans vs Bank Statement Loans in Merced