Question 1

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

Accepted Answer

Some lenders allow combined documentation. We shop across 200+ wholesale lenders to find programs that work with your full income picture.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Most non-QM lenders want 10-20% down. The exact amount depends on your credit score and the lender's guidelines.

Question 3

Are rates higher on these loans than conventional?

Accepted Answer

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

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620-640 for non-QM programs. Stronger credit scores get you better pricing on both options.

Question 5

Which loan closes faster in Fountain Valley?

Accepted Answer

1099 loans typically have simpler doc review. Bank statement loans take longer because lenders must analyze months of deposits.

Question 6

Can I use these loans to buy an investment property?

Accepted Answer

Yes, both programs work for investment properties. Expect stricter reserve requirements and a higher down payment.

1099 Loans vs Bank Statement Loans in Fountain Valley