Question 1

Can I apply for both and choose the better one?

Accepted Answer

Yes — and that's exactly what we do. We calculate qualifying income under both methods and go with whichever gets you approved for more.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Most non-QM lenders want 10-20% down. Your credit score and income strength affect where in that range you land.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most lenders require at least 620-640 for 1099 and bank statement loans. Higher scores get better rates.

Question 4

How many months of bank statements do I need?

Accepted Answer

Bank statement loans typically require 12 months minimum. Some lenders ask for 24 months for a stronger income picture.

Question 5

Which loan closes faster in Costa Mesa?

Accepted Answer

1099 loans often close faster. Fewer documents to source and a simpler income calculation speeds up underwriting.

Question 6

Are these loans available for investment properties in Costa Mesa?

Accepted Answer

Yes, both programs can be used for investment properties. Expect stricter terms — higher down payment and rates.

1099 Loans vs Bank Statement Loans in Costa Mesa