Question 1

Can I apply for both loan types at once?

Accepted Answer

You can be evaluated for both. We'll run your scenario through each and show you where you qualify strongest.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans typically price higher. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-640 for these programs. Higher scores get meaningfully better pricing.

Question 4

How much can I put down on a 1099 or bank statement loan?

Accepted Answer

Expect a minimum of 10% down. Many lenders require 20% for the best rate tiers on non-QM loans.

Question 5

Are these loans available for Seaside investment properties?

Accepted Answer

Yes. Both programs work for primary residences and investment properties in Seaside and greater Monterey County.

Question 6

What if I have both 1099 income and business deposits?

Accepted Answer

We can evaluate both income sources. Bank statement loans often capture the fuller picture in that scenario.

1099 Loans vs Bank Statement Loans in Seaside, CA