Question 1

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

Accepted Answer

Some lenders allow blended documentation. We can shop that option across our wholesale network if one method alone falls short.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most 1099 and bank statement lenders want at least 10-20% down. Higher down payments usually improve your rate and approval odds.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 700 open up better rates and lower down payment options.

Question 5

Do these loans work for Winters homes specifically?

Accepted Answer

Yes. Property eligibility depends on appraisal and lender guidelines, not geography. Rural properties may need extra review.

Question 6

How long does it take to close a non-QM loan?

Accepted Answer

Expect 30-45 days. Non-QM underwriting takes more time than conventional. Having clean documentation ready speeds things up.

1099 Loans vs Bank Statement Loans in Winters, CA