Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

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

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM programs in this space require 10-20% down. Your credit score and loan size affect the exact requirement.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Stronger scores get better rates on both 1099 and bank statement programs.

Question 5

Which loan closes faster in Salinas?

Accepted Answer

1099 loans typically need fewer documents and can move faster. Bank statement loans require more review time for deposit analysis.

Question 6

Are these loans available for investment properties in Salinas?

Accepted Answer

Yes. Both loan types can be used for investment purchases. Expect stricter terms and higher reserves for non-owner-occupied properties.

1099 Loans vs Bank Statement Loans in Salinas