Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can find programs that accept both to strengthen your file.

Question 2

What credit score do I need for these loans?

Accepted Answer

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

Question 3

How much down payment is required?

Accepted Answer

Expect 10% to 20% down for most non-QM programs. Higher down payments can offset weaker income documentation.

Question 4

Do these loans work for Farmersville property prices?

Accepted Answer

Non-QM loans have flexible loan limits. Most Tulare County purchases fall well within what these programs allow.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans often close faster when docs are clean. Bank statement loans take longer to underwrite due to deposit analysis.

Question 6

Are these loans available for investment properties?

Accepted Answer

Yes, both programs can be used on investment properties. Expect stricter terms and higher down payment requirements.

1099 Loans vs Bank Statement Loans in Farmersville