Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Not on the same loan. Each program uses one method. A broker can run both scenarios and show which qualifies you for more.

Question 2

Do these loans cost more than conventional?

Accepted Answer

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

Question 3

How many months of 1099s do lenders want?

Accepted Answer

Most lenders want 1 to 2 years of 1099s. Two years gives the strongest case and more lender options.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better rates and lower down payment requirements.

Question 5

Which loan closes faster in King City?

Accepted Answer

Neither has a built-in speed advantage. Timeline depends on how quickly you can pull your income documents together.

1099 Loans vs Bank Statement Loans in King City