Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. A broker can find programs that blend both to show the strongest income picture.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Most non-QM lenders want 10-20% down. Your credit score and income strength affect exactly where you land.

Question 3

What credit score do I need for these loans in Los Altos?

Accepted Answer

Most programs require at least a 620 score. Better scores improve your rate and your lender options significantly.

Question 4

Are rates higher than conventional loans?

Accepted Answer

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

Question 5

Can I get a jumbo loan using 1099 or bank statement income?

Accepted Answer

Yes. Los Altos prices often require jumbo financing. Many non-QM lenders offer both programs at jumbo loan amounts.

Question 6

How many months of bank statements do lenders want?

Accepted Answer

Most lenders require 12 months minimum. Many prefer 24 months for a cleaner income picture and better terms.

1099 Loans vs Bank Statement Loans in Los Altos