Question 1

Do both loans require good credit?

Accepted Answer

Yes. Most non-QM lenders want at least a 620 score. Strong credit gives you better rate options on both programs.

Question 2

Can I use both 1099s and bank statements together?

Accepted Answer

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

Question 3

Which loan has a higher rate?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither loan is always cheaper — your credit, down payment, and LTV drive the difference.

Question 4

How much do I need to put down?

Accepted Answer

Most non-QM programs require 10% to 20% down. Your exact requirement depends on the lender and your qualifying income.

Question 5

Does Encinitas home pricing affect which loan I choose?

Accepted Answer

Loan size matters. Higher-priced homes may push you into jumbo non-QM territory, where lender requirements tighten on both programs.

Question 6

How long does income history need to be?

Accepted Answer

1099 loans typically want two years of contractor income. Bank statement loans need 12 to 24 months of consistent deposits.

1099 Loans vs Bank Statement Loans in Encinitas