Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. Ask your broker which combo produces the stronger qualifying income.

Question 2

Do these loans work for Fillmore property purchases?

Accepted Answer

Yes. Both non-QM programs apply to purchase and refinance transactions in Ventura County.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want 620 or higher. Some programs go lower with stronger compensating factors.

Question 4

How much down payment is typically required?

Accepted Answer

Expect 10–20% down on non-QM loans. Lower credit scores usually mean a higher down payment requirement.

Question 5

Are rates higher on 1099 and bank statement loans?

Accepted Answer

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

Question 6

Which loan closes faster in Ventura County?

Accepted Answer

1099 loans often move faster since the doc set is simpler. Bank statement review takes more time.

1099 Loans vs Bank Statement Loans in Fillmore, CA