Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended income documentation. We shop across 200+ wholesale lenders to find programs that accept your specific income mix.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit means better rates and more program options.

Question 3

How much can I put down on a 1099 or bank statement loan?

Accepted Answer

Most programs require at least 10% down. Larger down payments improve your rate and lower lender risk.

Question 4

Are these loans available for investment properties in El Cajon?

Accepted Answer

Yes. Both loan types can be used for primary residences and investment properties. Terms differ by occupancy type.

Question 5

Do these loans have higher rates than conventional mortgages?

Accepted Answer

Yes, non-QM loans typically price higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster in El Cajon?

Accepted Answer

1099 loans often close faster due to simpler documentation. Bank statement loans take longer to underwrite with 12-24 months of records.

1099 Loans vs Bank Statement Loans in El Cajon