Question 1

Can I use both types of income for one loan?

Accepted Answer

Some lenders allow blended income documentation. Ask us whether your specific mix of 1099 and business income qualifies under one program.

Question 2

Do these loans work for Waterford purchases?

Accepted Answer

Yes. Both are available for purchases and refinances in Stanislaus County. Property type and loan amount affect which lenders will participate.

Question 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want 640 or higher. Stronger credit scores help offset the non-QM rate premium on both programs.

Question 4

How much can I borrow with these loans?

Accepted Answer

Non-QM loans can go well above conforming limits. Your qualifying income calculation determines the actual loan amount you can support.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes. Non-QM rates run above conventional pricing. Rates vary by borrower profile and market conditions.

Question 6

How far back do lenders look at bank statements?

Accepted Answer

Most require 12 to 24 months. Lenders look for consistent deposits and flag large irregular transfers as potential issues.

1099 Loans vs Bank Statement Loans in Waterford, CA