Question 1

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

Accepted Answer

Some lenders allow hybrid documentation. We can identify which lenders in our network accept combined income verification.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require 10% to 20% down. Stronger credit and income docs can improve your down payment options.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want a 620 minimum. Scores above 680 get better pricing on both 1099 and bank statement programs.

Question 5

Which loan closes faster in Benicia?

Accepted Answer

1099 loans typically have simpler doc reviews. Bank statement loans take longer when lenders must analyze 24 months of deposits.

Question 6

Can I use these loans for investment properties in Solano County?

Accepted Answer

Yes. Both loan types are available for investment purchases. Expect stricter reserve requirements and higher rates on investment deals.

1099 Loans vs Bank Statement Loans in Benicia