Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We find the combo that shows the strongest qualifying income for your profile.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Down payment minimums vary by lender and borrower risk profile.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better terms on both 1099 and bank statement programs.

Question 4

How does the expense ratio work on bank statement loans?

Accepted Answer

Lenders discount business deposits by a set percentage to estimate net income. That ratio varies by lender and industry type.

Question 5

Are these loans available for investment properties in San Clemente?

Accepted Answer

Yes. Both programs can be used for primary residences and investment properties. Terms differ by occupancy type.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans often have simpler document review. Bank statement loans take longer due to deposit analysis. Both can close in 30 days with clean files.

1099 Loans vs Bank Statement Loans in San Clemente