Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can identify which lenders accept this approach for your income mix.

Question 2

Do these loans require tax returns?

Accepted Answer

Neither loan requires tax returns for income qualification. That's the core advantage of both non-QM options.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620 for non-QM loans. Stronger credit gets you better pricing on both products.

Question 4

How much can I borrow in Cupertino with these loans?

Accepted Answer

Non-QM lenders set their own limits. Loan amounts in Cupertino can reach into the jumbo range depending on your income and down payment.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans can move faster with clean documentation. Bank statement loans take longer to underwrite due to deposit analysis.

Question 6

Are rates higher than a conventional loan?

Accepted Answer

Yes — both non-QM products price above conventional rates. Rates vary by borrower profile and market conditions.

1099 Loans vs Bank Statement Loans in Cupertino