Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. A broker can match you with the right lender for your specific income mix.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit means better rates on both programs.

Question 4

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

Accepted Answer

Most lenders require 10% minimum down. Larger down payments reduce rate premiums on non-QM products.

Question 5

What if my 1099 income just started this year?

Accepted Answer

Most 1099 loan programs want at least one to two years of history. Less than that and bank statements may be your better option.

Question 6

Are these loans available for investment properties in Tustin?

Accepted Answer

Yes, both programs can be used for investment purchases. Expect stricter reserve requirements and higher down payments.

1099 Loans vs Bank Statement Loans in Tustin, CA