Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We can shop that option across our wholesale network to find who accepts it.

Question 2

Do these loans require a larger down payment?

Accepted Answer

Most non-QM lenders want 10% to 20% down. Exact requirements depend on your credit score and loan amount.

Question 3

Are interest rates higher on these loans?

Accepted Answer

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

Question 4

How many years of 1099s do lenders typically require?

Accepted Answer

Most lenders want one to two years of 1099s. Two years gives you stronger qualifying income and more lender options.

Question 5

What if my bank deposits are inconsistent month to month?

Accepted Answer

Inconsistent deposits hurt bank statement loans significantly. A 1099 loan may be a better fit in that case.

Question 6

Which loan closes faster in Buena Park?

Accepted Answer

Both have similar timelines — typically 21 to 30 days. Having clean documentation ready upfront is what speeds things up.

1099 Loans vs Bank Statement Loans in Buena Park