Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow a hybrid approach. We identify which method produces the higher qualifying income for your file.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want a 620 minimum. Stronger scores get better pricing on both loan types.

Question 3

How much do I need to put down?

Accepted Answer

Expect 10-20% down on most non-QM products. Exact requirements depend on the lender and your credit profile.

Question 4

Do these loans work for Marina purchase prices?

Accepted Answer

Non-QM loans can go well above conforming limits. Loan amounts depend on the lender and your qualifying income.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans often have simpler doc reviews. Bank statement loans take longer when lenders analyze 24 months of deposits.

Question 6

Are these loans available for investment properties?

Accepted Answer

Yes. Both programs can be used for investment properties in Marina. Terms and down payment requirements will differ.

1099 Loans vs Bank Statement Loans in Marina, CA