Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We shop across 200+ wholesale lenders to find programs that accept hybrid income verification.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better rates. Rates vary by borrower profile and market conditions.

Question 3

How much can I borrow in Needles with a non-QM loan?

Accepted Answer

Non-QM loans aren't bound by conforming limits. Your qualifying income and debt load determine the max loan amount.

Question 4

Do these loans cost more than conventional loans?

Accepted Answer

Yes, non-QM rates run higher than conventional rates. The trade-off is qualifying when traditional loans won't work.

Question 5

How many months of 1099s do lenders typically want?

Accepted Answer

Most lenders want 1 to 2 years of 1099 forms. Consistency across those years matters more than any single year's total.

Question 6

Which loan closes faster in Needles?

Accepted Answer

1099 loans often move faster due to simpler documentation. Bank statement loans take longer to underwrite with heavy deposit review.

1099 Loans vs Bank Statement Loans in Needles, CA