Question 1

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

Accepted Answer

Some lenders allow a combination, but most non-QM programs pick one method. Your broker picks the approach that shows the strongest income.

Question 2

Do these loans work for Dixon home purchases?

Accepted Answer

Yes. Both programs apply to purchases and refinances in Dixon. Non-QM loans are available throughout Solano County.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620, though some go lower with a larger down payment. Rates vary by borrower profile and market conditions.

Question 4

How much do I need to put down?

Accepted Answer

Expect 10% to 20% down for most non-QM programs. Stronger credit and more reserves can sometimes lower that requirement.

Question 5

Are non-QM rates higher than conventional rates?

Accepted Answer

Yes, non-QM rates run higher than conventional rates. The tradeoff is qualifying without W-2s or tax return income. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster in Dixon?

Accepted Answer

1099 loans often close faster — fewer documents to analyze. Bank statement loans take longer when lenders review 24 months of deposits.

1099 Loans vs Bank Statement Loans in Dixon, CA