Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Ask us which lenders in our network accept blended income verification.

Question 2

Do these loans require a larger down payment?

Accepted Answer

Non-QM loans often require 10-20% down. Exact requirements depend on credit score and the specific lender.

Question 3

Are rates higher on these loans than conventional?

Accepted Answer

Yes, Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

Question 4

Which loan has stricter credit score requirements?

Accepted Answer

Requirements vary by lender, but most Non-QM programs want at least a 620-640 score. Some go lower with more down.

Question 5

How long does it take to close one of these loans?

Accepted Answer

Non-QM loans can take 21-30 days. Having clean bank statements or 1099s ready speeds the process significantly.

Question 6

Can I use these loans to buy investment property in Santa Cruz?

Accepted Answer

Yes. Both loan types can be used for investment purchases. Lender terms and rates will differ from owner-occupied deals.

1099 Loans vs Bank Statement Loans in Santa Cruz