Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow combined documentation. A broker can identify which lenders in Riverside accept blended income verification.

Question 2

Do these loans work for Riverside investment properties?

Accepted Answer

Yes. Both 1099 and bank statement loans can be used for primary homes and investment properties. Terms vary by lender.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders want 10–20% down. Lower credit scores typically push that requirement higher.

Question 4

Is there a minimum credit score for these loans?

Accepted Answer

Most lenders require at least 620. Better scores get better terms. Some lenders go lower with larger down payments.

Question 5

Are these loans harder to get approved than conventional loans?

Accepted Answer

The income docs are different, not necessarily harder. The challenge is finding the right lender — that's where a broker earns their value.

Question 6

Which loan type closes faster in Riverside?

Accepted Answer

1099 loans often close faster when docs are clean. Bank statement loans take longer when lenders manually calculate deposit income.

1099 Loans vs Bank Statement Loans in Riverside, CA