Question 1

Can I use both 1099 forms and bank statements together?

Accepted Answer

Most lenders pick one method — not both. We'll run your numbers each way and use whichever gives you the higher qualifying income.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry more risk for lenders, so rates run higher. Rates vary by borrower profile and market conditions.

Question 3

How many months of 1099s do lenders require?

Accepted Answer

Most lenders want 1 to 2 years of 1099 forms. Some also ask for a letter confirming your business is still active as of April 2026.

Question 4

Which loan has a lower minimum credit score?

Accepted Answer

Both programs typically require at least a 620 score. Some lenders go lower, but expect tighter terms below 680.

Question 5

Can Fairfield borrowers use these for investment properties?

Accepted Answer

Yes. Both loan types are available for investment purchases in Solano County, not just primary residences.

Question 6

What down payment do these loans require?

Accepted Answer

Expect 10% to 20% down for most scenarios. Lower credit scores or higher loan amounts usually push toward 20% or more.

1099 Loans vs Bank Statement Loans in Fairfield, CA