Question 1

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

Accepted Answer

Some lenders allow blended documentation. A broker can shop programs across multiple lenders to find one that accepts your specific income mix.

Question 2

Do these loans require a higher down payment?

Accepted Answer

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

Question 3

Which loan has the better interest rate?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither program is consistently cheaper — your credit, down payment, and income docs all affect the rate.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 to 24 months. Twelve months may work with strong deposits. Twenty-four months gives a more complete income picture.

Question 5

Can I use a 1099 loan if I also have some W-2 income?

Accepted Answer

Yes, in most cases. Lenders can often combine W-2 and 1099 income. The dominant income source usually determines which program fits best.

Question 6

Are these loans available for Isleton properties specifically?

Accepted Answer

Non-QM lenders generally lend statewide in California. Rural or small-town properties may face additional appraisal scrutiny — that's worth flagging early.

1099 Loans vs Bank Statement Loans in Isleton, CA