Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most want one primary documentation type. A broker can match you to lenders who accept blended documentation.

Question 2

Do these loans have higher interest rates than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates due to added lender risk. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most lenders want at least 620 to 640. Stronger scores get better rates on both loan types.

Question 4

How many months of bank statements do I need?

Accepted Answer

Typically 12 to 24 months. Lenders average your deposits across that period to calculate qualifying income.

Question 5

What if my 1099 income dropped last year?

Accepted Answer

Lenders look at consistency. A significant drop can hurt your qualifying income — bank statements may show a stronger picture.

Question 6

Are these loans available for investment properties in Ventura?

Accepted Answer

Yes. Both 1099 and bank statement loans can be used for investment properties, though down payment requirements are typically higher.

1099 Loans vs Bank Statement Loans in Ventura