Question 1

Can I use both 1099 forms and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Ask us which approach produces the higher qualifying income for your specific file.

Question 2

Do these loans require perfect credit?

Accepted Answer

No, but most lenders want at least a 620-640 score. Higher scores get better rates on both loan types.

Question 3

How much down payment do I need in Wheatland?

Accepted Answer

Most non-QM lenders require 10-20% down. Lower down payments are possible but usually come with stricter credit requirements.

Question 4

Which loan has lower rates — 1099 or bank statement?

Accepted Answer

Rates are comparable between the two. Your credit score, down payment, and lender matter more than the loan type. Rates vary by borrower profile and market conditions.

Question 5

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

Accepted Answer

Typically 21-30 days with complete documentation. Missing statements or unsigned 1099s are the most common cause of delays.

1099 Loans vs Bank Statement Loans in Wheatland