Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow hybrid documentation. A broker can match you to the lender whose guidelines best fit your file.

Question 2

Do these loans require higher down payments?

Accepted Answer

Non-QM loans often require 10-20% down. The exact amount depends on your credit score and the lender.

Question 3

What credit score do I need in Manteca?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better rates and lower down payment requirements.

Question 4

Are these loans harder to get approved?

Accepted Answer

Non-QM underwriting is more flexible, not stricter. The documentation just looks different than a W-2 loan.

Question 5

How long does the process take?

Accepted Answer

Gathering statements or 1099s is the slowest part. Once docs are clean, closings run similar timelines to conventional loans.

1099 Loans vs Bank Statement Loans in Manteca