Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can identify which lenders in Anaheim accept combined income proof.

Question 2

What credit score do I need for these loans?

Accepted Answer

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

Question 3

How much can I put down on a non-QM loan?

Accepted Answer

Expect a minimum of 10% down for most non-QM programs. Some lenders require 20% depending on your credit and income profile.

Question 4

Are these loans available for Anaheim investment properties?

Accepted Answer

Yes. Both loan types can be used for investment purchases. Lenders may require a larger down payment on non-owner-occupied properties.

Question 5

Do non-QM loans have higher interest rates than conventional loans?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions.

Question 6

Which loan closes faster in Orange County?

Accepted Answer

Both can close in 21-30 days with a prepared borrower. Having your 1099s or statements organized upfront is the biggest time factor.

1099 Loans vs Bank Statement Loans in Anaheim