Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow hybrid documentation. A broker can shop programs that accept both to maximize your qualifying income.

Question 2

Do these loans cost more than conventional?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders want 10-20% down. The exact amount depends on your credit score and loan amount.

Question 4

What credit score do I need?

Accepted Answer

Most programs start at 620. Better scores get better rates on both 1099 and bank statement loans.

Question 5

How long do I need to be self-employed?

Accepted Answer

Lenders typically want 2 years of self-employment history. Some programs accept 1 year with strong compensating factors.

Question 6

Which loan closes faster in Visalia?

Accepted Answer

1099 loans often have simpler doc review. Bank statement loans take longer due to deposit analysis — plan for extra time.

1099 Loans vs Bank Statement Loans in Visalia