Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended income documentation. Ask your broker which approach produces the highest qualifying income for your file.

Question 2

Do these loans cost more than conventional mortgages?

Accepted Answer

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

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least 620 to 640. Stronger scores get better pricing on both loan types.

Question 4

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

Accepted Answer

Most programs require 10% to 20% down. Lenders with lower down payment options typically charge higher rates.

Question 5

Are these loans available in Colfax specifically?

Accepted Answer

Yes. Non-QM lenders don't restrict to major metros. Colfax properties qualify as long as they meet standard appraisal requirements.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

Neither has a clear speed advantage. Both depend on how quickly you supply documentation and how the lender is staffed.

1099 Loans vs Bank Statement Loans in Colfax, CA