Question 1

Can I use both 1099 forms and bank statements?

Accepted Answer

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

Question 2

Do these loans require higher credit scores?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit gets you better pricing on either program.

Question 3

How much can I put down on these loans?

Accepted Answer

Most programs require 10–20% down. Lower down payments are possible but usually come with stricter conditions.

Question 4

Are rates higher than conventional loans?

Accepted Answer

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

Question 5

What if my income changed a lot year over year?

Accepted Answer

Bank statement loans average deposits over 12–24 months, smoothing out swings. That can help or hurt depending on your trend.

Question 6

Which loan closes faster in Ojai?

Accepted Answer

Both are non-QM and take similar time. The simpler your docs, the faster underwriting moves on either program.

1099 Loans vs Bank Statement Loans in Ojai, CA