Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. A broker can find programs that layer both income sources 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 score. Better scores get you better pricing on both loan types.

Question 3

How much do I need for a down payment?

Accepted Answer

Expect 10% to 20% down on most non-QM programs. Exact requirements depend on credit score and loan amount.

Question 4

Are these loans available for Lindsay properties?

Accepted Answer

Yes. Non-QM lenders operate across Tulare County. Rural or small-market properties may have additional appraisal scrutiny.

Question 5

Do these loans cost more than conventional loans?

Accepted Answer

Yes — non-QM rates run higher. The tradeoff is qualifying when traditional lenders say no. Rates vary by borrower profile and market conditions.

Question 6

How many months of bank statements will I need?

Accepted Answer

Most programs require 12 months minimum. Some lenders ask for 24 months to get better income averaging and stronger approval terms.

1099 Loans vs Bank Statement Loans in Lindsay, CA