Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We shop across 200+ wholesale lenders to find programs that accept your specific income mix.

Question 2

Which loan has lower rates — 1099 or bank statement?

Accepted Answer

Neither is consistently cheaper. Rates depend on credit score, down payment, and loan size. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least 620-640. Stronger scores get better pricing on both loan types.

Question 4

How much down payment is required in Mammoth Lakes?

Accepted Answer

Expect 10-20% down for most non-QM programs. Higher loan amounts often require more down.

Question 5

Do seasonal workers qualify for 1099 loans?

Accepted Answer

Yes, if you can show consistent 1099 income across one to two years. Gaps and irregular seasons make it harder.

Question 6

How long does a non-QM loan take to close?

Accepted Answer

Plan for 20-30 days with complete documentation. Missing bank statements or 1099s are the most common delay.

1099 Loans vs Bank Statement Loans in Mammoth Lakes