Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow both. A broker can shop programs across lenders to find the best income calculation for you.

Question 2

Do these loans work for Tulare County property purchases?

Accepted Answer

Yes. Both Non-QM programs apply to California purchases. Loan limits and terms vary by lender.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most Non-QM lenders want at least a 620 score. Higher scores get better pricing on both programs.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down for either program. Lower down payments are available but come with higher rates.

Question 5

Are these loans harder to get than conventional loans?

Accepted Answer

They're different, not harder. You trade strict income documentation for flexible income verification.

1099 Loans vs Bank Statement Loans in Tulare