Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

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

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Exact requirements vary by lender and borrower profile.

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 gets better terms on both programs.

Question 4

Are these loans available for Elk Grove investment properties?

Accepted Answer

Yes. Both loan types can be used for primary residences and investment properties in Sacramento County.

Question 5

How long does it take to close a non-QM loan?

Accepted Answer

Non-QM loans often take 30 to 45 days. Having clean documentation ready upfront speeds things up.

1099 Loans vs Bank Statement Loans in Elk Grove