Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow hybrid documentation. We shop across 200+ wholesale lenders to find programs that accept your specific income mix.

Question 2

Do these loans work for Los Gatos home prices?

Accepted Answer

Both programs offer jumbo options. Los Gatos prices typically require higher loan amounts, and non-QM lenders can accommodate that.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 660 or higher. Stronger credit gets you better pricing on both programs.

Question 4

How much can I write off and still qualify?

Accepted Answer

With a 1099 loan, heavy write-offs hurt you. Bank statement loans ignore your tax deductions and use deposits instead.

Question 5

Are rates higher on these loans than conventional?

Accepted Answer

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

Question 6

How long does it take to close?

Accepted Answer

Non-QM underwriting takes longer than conventional. Plan for 30–45 days depending on documentation and lender.

1099 Loans vs Bank Statement Loans in Los Gatos