Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow it, but most want one primary method. We find which approach produces the higher qualifying income for your file.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better pricing on both 1099 and bank statement products.

Question 3

How much can I borrow in Santa Clara County?

Accepted Answer

Non-QM loans aren't bound by conforming limits. Loan amounts depend on your documented income and the lender's guidelines.

Question 4

Do these loans cost more than conventional?

Accepted Answer

Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions, but the gap depends on your credit and down payment.

Question 5

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Stronger files use 24 months to smooth out deposit fluctuations and support higher income calculations.

Question 6

What if my 1099 income dropped last year?

Accepted Answer

Lenders average the two years. A big drop raises flags. Bank statements may tell a better story if deposits held steady.

1099 Loans vs Bank Statement Loans in Santa Clara