Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most programs pick one method. A broker can find lenders open to blended income documentation.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional products. Rates vary by borrower profile and market conditions.

Question 3

How many years of 1099s do lenders want?

Accepted Answer

Most lenders require one to two years of 1099 forms. Consistency in income across those years strengthens your file.

Question 4

What if my bank statements show irregular deposits?

Accepted Answer

Lenders average your deposits over 12 or 24 months. Irregular months matter less when the overall average is strong.

Question 5

What credit score do I need for either program?

Accepted Answer

Most non-QM lenders want at least a 620 score. Higher scores get better pricing on both loan types.

Question 6

Which program is faster to close in Mountain View?

Accepted Answer

1099 loans typically close faster. Bank statement reviews take more underwriting time due to deposit analysis.

1099 Loans vs Bank Statement Loans in Mountain View