Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. A broker can identify which lenders accept both to maximize your qualifying income.

Question 2

Do these loans work for Woodlake purchases?

Accepted Answer

Yes. Both 1099 and bank statement loans are available for purchases and refinances in Woodlake and throughout Tulare County.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most lenders want at least a 620-640 for these programs. Higher scores get better pricing. Rates vary by borrower profile and market conditions.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down for most non-QM loan programs. Lower down payments are possible but usually require stronger credit and reserves.

Question 5

Which loan closes faster?

Accepted Answer

1099 loans often close faster since documentation is simpler. Bank statement loans take longer to underwrite due to deposit analysis.

Question 6

Are rates higher on these loans than conventional?

Accepted Answer

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

1099 Loans vs Bank Statement Loans in Woodlake