Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow it, but most want one method. A broker can match you to lenders who accept blended documentation.

Question 2

Do these loans work for Watsonville agricultural contractors?

Accepted Answer

Yes. Seasonal 1099 workers and farm labor contractors qualify if they show consistent annual income across two years.

Question 3

Are rates higher on non-QM loans like these?

Accepted Answer

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

Question 4

How many months of bank statements do lenders want?

Accepted Answer

Most lenders require 12 months minimum. Twenty-four months gives you a stronger average and better rate options.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 680 open more lender options and lower rates.

Question 6

Which loan closes faster in Santa Cruz County?

Accepted Answer

1099 loans generally close faster — fewer documents to review. Bank statement loans take longer due to deposit analysis.

1099 Loans vs Bank Statement Loans in Watsonville