Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended income documentation. Ask your broker which lenders on their panel accept hybrid submissions.

Question 2

Do these loans work for Norco purchase transactions?

Accepted Answer

Yes. Both 1099 and bank statement loans are used for purchases and refinances in Riverside County.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders start at 620. Better scores mean better pricing on both loan types.

Question 4

How much down payment is required?

Accepted Answer

Typically 10–20% down for non-QM loans. Lower down payments usually require stronger credit or reserves.

Question 5

Are these loans harder to get approved than conventional?

Accepted Answer

The income docs are different, not necessarily harder. A strong 1099 history or clean bank statements can get you approved.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans often move faster. Fewer documents to review means less back-and-forth with underwriting.

1099 Loans vs Bank Statement Loans in Norco, CA