Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow layered documentation. We shop across 200+ wholesale lenders to find programs that accept combined income proof.

Question 2

Do these loans work for Sonoma County property prices?

Accepted Answer

Both programs offer loan limits that can reach jumbo territory. Your qualifying income determines the ceiling.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 640 score. Stronger credit gets you better pricing on both products.

Question 4

How much down payment is required?

Accepted Answer

Expect 10-20% down on most non-QM programs. Larger down payments can offset weaker income documentation.

Question 5

Are 1099 loans harder to qualify for than bank statement loans?

Accepted Answer

Not necessarily — it depends on your income pattern. Contractors with consistent 1099s often qualify faster than borrowers with volatile deposits.

Question 6

How long does it take to close a non-QM loan?

Accepted Answer

Non-QM loans typically close in 21-30 days. Having 12-24 months of clean documentation ready speeds things up significantly.

1099 Loans vs Bank Statement Loans in Sebastopol