Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can shop programs that accept both income sources for a stronger file.

Question 2

Do these loans require a larger down payment?

Accepted Answer

Most non-QM lenders require at least 10–20% down. Your credit score and loan size affect the exact requirement.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Stronger scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most programs require 12 months minimum. Some lenders require 24 months for business accounts.

Question 5

Are these loans available in Carpinteria specifically?

Accepted Answer

Yes. Non-QM programs are available statewide. We work with 200+ wholesale lenders who fund in Santa Barbara County.

Question 6

Are 1099 loan rates higher than conventional?

Accepted Answer

Yes, non-QM rates run higher than conventional. The tradeoff is approval when W-2 programs won't work.

1099 Loans vs Bank Statement Loans in Carpinteria