Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some non-QM lenders allow blended income documentation. Ask your broker if a combined approach improves your qualifying income.

Question 2

Do these loans require higher credit scores?

Accepted Answer

Most non-QM lenders want at least a 620 score, sometimes 640. Better scores unlock better rates on both loan types.

Question 3

How much down payment do these loans require?

Accepted Answer

Expect 10% to 20% down for most non-QM programs. Rates vary by borrower profile and market conditions.

Question 4

Are 1099 loans available in Riverbank, CA?

Accepted Answer

Yes. Non-QM programs are available through wholesale lenders serving Stanislaus County. Not all retail banks offer them.

Question 5

What if my 1099 income dropped last year?

Accepted Answer

Lenders usually average two years of 1099 earnings. A significant drop can hurt your qualifying income — bank statements may be the better option.

Question 6

Which loan has better rates — 1099 or bank statement?

Accepted Answer

Rates are comparable between the two. Your credit score and down payment matter more than the doc type. Rates vary by borrower profile and market conditions.

1099 Loans vs Bank Statement Loans in Riverbank