Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it. Most want one method. Your broker picks whichever shows higher qualifying income.

Question 2

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want 660 or higher. Better scores get better rates — especially above 720.

Question 3

How much can I borrow in Camarillo with these loans?

Accepted Answer

Non-QM loans can go well above conventional limits. Your qualifying income drives the max — not program caps.

Question 4

Do these loans require a larger down payment?

Accepted Answer

Typically yes. Expect 10% to 20% down minimum. Lower credit scores usually require more down.

Question 5

Which loan closes faster in Ventura County?

Accepted Answer

1099 loans often move quicker. Bank statement reviews take longer — lenders must analyze 12 to 24 months of deposits.

Question 6

Are these loans available for investment properties in Camarillo?

Accepted Answer

Yes. Both loan types can fund investment properties. Expect stricter terms and higher rates than primary residence deals.

1099 Loans vs Bank Statement Loans in Camarillo