Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Ask your broker which method produces the higher qualifying income for your specific situation.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get you better rates on both products.

Question 3

How much can I borrow with a 1099 loan in Jamestown?

Accepted Answer

Loan amounts depend on your verified income and the property value. Non-QM loans can go into jumbo territory but Jamestown prices rarely require that.

Question 4

Do bank statement loans use personal or business accounts?

Accepted Answer

Either works. Business accounts apply an expense ratio — usually 50% — which reduces your qualifying income.

Question 5

Are these loans harder to get than conventional loans?

Accepted Answer

They have different requirements, not necessarily harder ones. If you're self-employed, these programs are often easier than conventional underwriting.

Question 6

How much down payment is required?

Accepted Answer

Most non-QM lenders require 10–20% down. Lower credit scores or higher loan amounts typically push toward the higher end.

1099 Loans vs Bank Statement Loans in Jamestown, CA

1099 Loans vs Bank Statement Loans in Jamestown, CA