Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow both. A broker can match you to the lender whose guidelines favor your income mix.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans typically carry higher rates. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for these loans?

Accepted Answer

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

Question 4

How much can I put down in Corning?

Accepted Answer

Many non-QM programs start at 10% down. Some require more depending on credit and loan size.

Question 5

Are these loans available for investment properties?

Accepted Answer

Yes. Both 1099 and bank statement loans can be used for primary homes and investment properties.

1099 Loans vs Bank Statement Loans in Corning, CA