Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Ask your broker which combo produces the highest qualifying income for your profile.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders in this space require 10-20% down. Credit score and loan amount affect the exact requirement.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Stronger scores get better rates on both 1099 and bank statement programs.

Question 5

Which loan closes faster in San Bernardino?

Accepted Answer

1099 loans typically involve less paperwork. Bank statement loans require more document review, which can add time.

Question 6

What if my 1099 income varies year to year?

Accepted Answer

Lenders will average it or use the lower year. Inconsistent income may push you toward a bank statement loan instead.

1099 Loans vs Bank Statement Loans in San Bernardino