Question 1

Can I use both 1099 and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We shop across 200+ wholesale lenders to find who will work with your specific income mix.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least 620. Better pricing typically starts at 680 or above.

Question 3

How much do I need to put down?

Accepted Answer

Most 1099 and bank statement programs require 10–20% down. Lower down payments are possible but come with rate trade-offs.

Question 4

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans price higher due to lender risk. Rates vary by borrower profile and market conditions.

Question 5

What if my business deposits include non-income transfers?

Accepted Answer

Lenders apply an expense ratio to business accounts — typically 50% of deposits count as income. Personal accounts get a higher credit.

Question 6

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

Accepted Answer

Non-QM loans often take 30–45 days. Having your statements or 1099s organized upfront cuts that timeline significantly.

1099 Loans vs Bank Statement Loans in Monterey, CA