Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow blended documentation. We'll check what's available across our lender network for your specific profile.

Question 2

Do these loans work for West Sacramento purchases?

Accepted Answer

Yes. Both loan types are available for purchases and refinances in Yolo County. Loan limits and terms vary by lender.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Higher scores typically get better rates. Rates vary by borrower profile and market conditions.

Question 4

How much can I put down on a 1099 or bank statement loan?

Accepted Answer

Many lenders require 10-20% down on non-QM loans. Exact requirements depend on your credit score and the lender.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates due to reduced documentation. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster?

Accepted Answer

Both have similar timelines. Bank statement loans can take longer if lenders need to average 24 months of deposits.

1099 Loans vs Bank Statement Loans in West Sacramento