Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow both. A broker can find programs that let you use whichever method shows stronger income.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

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

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Stronger qualification often requires 24 months of deposit history.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Better scores unlock better pricing on both loan types.

Question 5

Can I use a 1099 loan to buy in Suisun City specifically?

Accepted Answer

Yes. 1099 and bank statement loans work statewide in California. Property location doesn't restrict eligibility.

Question 6

What down payment is required for these loans?

Accepted Answer

Expect 10% to 20% down for most non-QM programs. Lower credit scores usually require more down.

1099 Loans vs Bank Statement Loans in Suisun City