Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. Ask your broker which combination produces the highest qualifying income.

Question 2

Do these loans require a larger down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Expect 10% to 20% depending on credit and loan size.

Question 3

Which loan has stricter credit requirements?

Accepted Answer

Both programs are similar. Most lenders want at least a 620 score, though better rates start at 680 or higher.

Question 4

Are these loans available for investment properties in Cloverdale?

Accepted Answer

Yes. Both loan types can be used for primary homes and investment properties, though terms differ.

Question 5

How long does approval take compared to conventional loans?

Accepted Answer

Non-QM loans can take a few days longer to underwrite. Having your documents organized speeds the process significantly.

1099 Loans vs Bank Statement Loans in Cloverdale