Question 1

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

Accepted Answer

Some lenders allow blended documentation. A broker can shop programs that accept both income sources together.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans 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 non-QM programs require 10% to 20% down. Stronger credit and reserves can sometimes lower that.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 640 to 680 for non-QM programs. Higher scores get better pricing.

Question 5

Do these loans work for Aliso Viejo price points?

Accepted Answer

Non-QM loans can go well above conforming limits. Higher loan amounts are available for Orange County buyers.

Question 6

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

Accepted Answer

Plan for 21 to 30 days. Some lenders run faster, but non-QM underwriting takes more review time.

1099 Loans vs Bank Statement Loans in Aliso Viejo