Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Most non-QM lenders want one primary method, so we find which approach qualifies you for more.

Question 2

Do these loans work for Sand City properties?

Accepted Answer

Yes. Both loan types are available in Monterey County. Property type and loan amount still affect lender eligibility.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders want at least 10% down. Stronger credit or reserves can sometimes lower that requirement.

Question 4

What credit score do I need?

Accepted Answer

Most lenders want at least 620 for non-QM products. Higher scores improve your rate and approval odds significantly.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans tend to move quicker — fewer documents to source. Bank statement loans take longer to underwrite due to deposit analysis.

Question 6

Are these loans more expensive than conventional?

Accepted Answer

Yes. Non-QM pricing is higher because lenders take on more documentation risk. Rates vary by borrower profile and market conditions.

1099 Loans vs Bank Statement Loans in Sand City