Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. It depends on the program. We'll match you to a lender that accepts your income structure.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Twenty-four months gives you a stronger application and more lender options.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want a 660 or higher. Some go lower, but expect tighter terms and higher rates below that threshold.

Question 5

Can I use these loans to buy in Laguna Niguel specifically?

Accepted Answer

Yes. Both loan types work in Orange County. Non-QM programs have no county restrictions and support higher loan amounts.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

Processing time is similar for both. Bank statement reviews can take longer if lenders manually analyze 24 months of deposits.

1099 Loans vs Bank Statement Loans in Laguna Niguel