Question 1

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

Accepted Answer

Some lenders allow combined documentation. Most will choose the method that produces the stronger income figure for your file.

Question 2

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. 24 months strengthens your file and may get you better terms.

Question 3

Do 1099 loans require a minimum history of self-employment?

Accepted Answer

Most lenders want at least two years of 1099 income history. Some allow one year with strong compensating factors.

Question 4

Are these loans available for Morgan Hill purchase and refinance?

Accepted Answer

Yes. Both 1099 and bank statement loans work for purchases and refinances. Property type and loan size affect which lenders will approve.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 620 minimum. Better scores above 680 open up more lenders and lower rates.

Question 6

What down payment is typically required?

Accepted Answer

Expect 10% minimum for well-qualified borrowers. Many non-QM lenders require 20% or more depending on your profile.

1099 Loans vs Bank Statement Loans in Morgan Hill