Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow layered documentation. Most require you to pick one method. Ask your broker which produces the higher qualifying income.

Question 2

Do these loans work for Goleta condos or single-family homes?

Accepted Answer

Both loan types work on standard property types. Condos may require additional review depending on the complex.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require 10–20% down. Stronger credit and income docs can improve your options.

Question 4

Are rates higher than conventional loans?

Accepted Answer

Yes, non-QM rates run above conventional. Rates vary by borrower profile and market conditions.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620. Higher scores improve your rate and lower your down payment requirement.

Question 6

How long does approval take compared to a conventional loan?

Accepted Answer

Non-QM loans often take slightly longer. Expect 3–4 weeks if your documents are organized and complete.

1099 Loans vs Bank Statement Loans in Goleta