Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow a hybrid approach, but most require one method. We'll run your numbers both ways to see which qualifies you for more.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Exact requirements vary by lender and borrower profile.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better pricing on both loan types.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

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

Question 5

How many months of 1099s do lenders require?

Accepted Answer

Most lenders want one to two years of 1099 forms. Consistency of income across those years matters to underwriters.

Question 6

Can I use a personal bank account for a bank statement loan?

Accepted Answer

Yes, though some lenders prefer business accounts. Personal accounts may receive a different expense ratio calculation.

1099 Loans vs Bank Statement Loans in Oxnard