Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some non-QM lenders allow combined documentation. Ask your broker which approach produces the higher qualifying income for your file.

Question 2

Do these loans work for Buellton property purchases?

Accepted Answer

Yes. Both loan types work for purchases and refinances in Santa Barbara County. Property type and loan amount affect eligibility.

Question 3

What credit score do I need for these loans?

Accepted Answer

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

Question 4

How much can I borrow with a 1099 or bank statement loan?

Accepted Answer

Non-QM loans can go into jumbo territory. Your qualifying income and debt-to-income ratio set the ceiling, not a fixed program limit.

Question 5

Are non-QM loans riskier than conventional loans?

Accepted Answer

They carry higher rates and stricter equity requirements. They're not riskier for borrowers who understand the terms upfront.

Question 6

How long does it take to close a non-QM loan in California?

Accepted Answer

Typically 21 to 30 days with complete documentation. Incomplete files are the most common cause of delays on non-QM deals.

1099 Loans vs Bank Statement Loans in Buellton, CA