Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

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

Question 2

Which loan has lower rates in Saratoga?

Accepted Answer

1099 loans often price slightly better than bank statement loans. Rates vary by borrower profile and market conditions.

Question 3

Do these loans work for Saratoga's high home prices?

Accepted Answer

Yes. Both are non-QM and can go above conforming limits. Loan amounts depend on your verified income and the lender's guidelines.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want a 680 or higher for non-QM loans. Stronger credit gets you better rates on both programs.

Question 5

How much down payment do these loans require?

Accepted Answer

Expect 10% to 20% down minimum on most non-QM programs. Larger down payments can improve your rate and approval odds.

Question 6

How long does it take to close either loan?

Accepted Answer

Non-QM loans typically close in 21 to 30 days. Gathering your bank statements or 1099s early speeds that up.

1099 Loans vs Bank Statement Loans in Saratoga, CA