Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Ask your broker which method produces the higher qualifying income for your specific file.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions, but expect a premium over conventional pricing.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620 for non-QM products. Stronger scores get better pricing on both loan types.

Question 4

How much down payment do these loans require?

Accepted Answer

Expect 10% to 20% down minimum on most non-QM loans. Higher down payments can offset weaker income documentation.

Question 5

Which loan closes faster in Calistoga?

Accepted Answer

Neither is dramatically faster than the other. Timeline depends more on how quickly you gather your documents than on loan type.

1099 Loans vs Bank Statement Loans in Calistoga