Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. A broker can find programs that accept both if your income comes from multiple sources.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

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

Question 3

How much can I borrow with either loan in Dana Point?

Accepted Answer

Non-QM lenders set their own limits. Many go well into jumbo territory, which matters for Dana Point's price range.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most Non-QM lenders want at least a 620 score. Stronger credit means better rates and more program options.

Question 5

How far back do lenders look at my 1099s or bank statements?

Accepted Answer

Typically 12 to 24 months. More history gives lenders more confidence and can improve your qualifying income.

Question 6

Which loan closes faster in Dana Point?

Accepted Answer

Neither has a built-in speed advantage. Turnaround depends on how quickly you can pull your documents together.

1099 Loans vs Bank Statement Loans in Dana Point