Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Talk to a broker — most programs require you to pick one method and stick with it.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Usually yes. Expect 10-20% down for most non-QM programs. Stronger credit can reduce that requirement.

Question 3

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders want at least two years of self-employment history. Some accept one year with strong compensating factors.

Question 4

Are rates higher on 1099 and bank statement loans?

Accepted Answer

Yes. Non-QM loans price above conventional. Rates vary by borrower profile and market conditions.

Question 5

Which loan has a higher income calculation?

Accepted Answer

It depends on your situation. 1099 loans skip expense deductions. Bank statement loans apply an expense ratio to deposits.

Question 6

Can I buy in Ceres with a non-QM loan?

Accepted Answer

Yes. Non-QM loans work for purchases and refinances in Stanislaus County with no geographic restrictions.

1099 Loans vs Bank Statement Loans in Ceres, CA