Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We identify which approach produces the highest qualifying income for your profile.

Question 2

What credit score do these loans require?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores open better pricing on both loan types.

Question 3

How much do I need for a down payment?

Accepted Answer

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

Question 4

Do these loans cost more than conventional loans?

Accepted Answer

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

Question 5

Which loan closes faster in Santa Rosa?

Accepted Answer

Timeline depends on how quickly you provide documentation. Clean 1099 files often move faster than bank statement reviews.

Question 6

Can I refinance later into a conventional loan?

Accepted Answer

Yes. Many borrowers use non-QM to buy, then refinance once they show two years of filed tax returns.

1099 Loans vs Bank Statement Loans in Santa Rosa