Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended income documentation. We shop across 200+ wholesale lenders to find which program maximizes your qualifying income.

Question 2

Do these loans require a large down payment?

Accepted Answer

Most non-QM lenders require 10% to 20% down. Your credit score and loan amount affect where you land in that range.

Question 3

How many years of 1099s do I need?

Accepted Answer

Most lenders want 1 to 2 years of 1099 forms. Consistent income across both years strengthens your file significantly.

Question 4

What credit score do I need for either loan?

Accepted Answer

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

Question 5

Which loan closes faster in Santa Ana?

Accepted Answer

1099 loans often have simpler income review. Bank statement loans take longer because lenders analyze months of transaction history.

Question 6

Can I buy an investment property with these loans?

Accepted Answer

Yes. Both programs can be used for primary homes and investment properties. Terms and down payment requirements vary by lender.

1099 Loans vs Bank Statement Loans in Santa Ana