Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most programs require one or the other. We'll match you to a lender whose guidelines fit your specific income mix.

Question 2

Which loan has a lower minimum credit score?

Accepted Answer

Requirements vary by lender. Most non-QM programs in both categories start around 620-640. Higher scores open better rates.

Question 3

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years. Some 1099 loan programs accept one year with strong income consistency.

Question 4

What down payment do these loans require?

Accepted Answer

Most non-QM lenders require 10-20% down. Exact amounts depend on credit score, loan size, and the lender's guidelines.

Question 5

Are these loans available for Thousand Oaks purchase and refinance?

Accepted Answer

Yes. Both loan types work for purchases and refinances in Thousand Oaks and across Ventura County.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans often close faster due to simpler documentation. Bank statement loans take longer when lenders need to analyze business deposits.

1099 Loans vs Bank Statement Loans in Thousand Oaks