Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. A broker can identify which lenders accept blended income verification for your specific profile.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit gets you better rates on both loan types.

Question 3

How much can I put down on a non-QM loan?

Accepted Answer

Expect a minimum of 10% down for most non-QM programs. Some lenders require 20% or more depending on loan size.

Question 4

Are these loans available for Carmel By The Sea properties?

Accepted Answer

Yes. Non-QM loans work for primary residences and second homes in Carmel. Jumbo non-QM options are also available.

Question 5

Do bank statement loans require business bank accounts?

Accepted Answer

Not always. Many lenders accept personal bank statements. Business accounts may require an expense ratio adjustment to calculate qualifying income.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans often move faster because the documentation is simpler. Bank statement review takes more underwriting time.

1099 Loans vs Bank Statement Loans in Carmel By The Sea