Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow blended documentation. We find the combo that shows the strongest income picture for your file.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

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

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for better terms or higher loan amounts.

Question 4

What credit score do I need for either loan?

Accepted Answer

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

Question 5

What if my 1099 income varies year to year?

Accepted Answer

Inconsistent 1099 income can hurt. Bank statements may show steadier cash flow and work better in that case.

Question 6

Can I buy in Santa Paula with a non-QM loan?

Accepted Answer

Yes. Both loan types apply to purchases in Santa Paula. We work with lenders active in Ventura County.

1099 Loans vs Bank Statement Loans in Santa Paula