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 identify which lenders accept combined documentation.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least 620-640. Higher scores get better pricing on both loan types.

Question 3

How much can I borrow in Santa Clara County?

Accepted Answer

Non-QM loans aren't capped by conforming limits. Your qualifying income drives the loan amount more than county limits.

Question 4

Do these loans cost more than conventional mortgages?

Accepted Answer

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

Question 5

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders require two years of self-employment history. Some allow one year with strong compensating factors.

Question 6

Which loan closes faster in San Jose?

Accepted Answer

1099 loans typically have simpler review. Bank statement loans take longer due to deposit analysis across 12-24 months.

1099 Loans vs Bank Statement Loans in San Jose