Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. We can find programs that accept multiple income sources for Mission Viejo borrowers.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require at least 10% down. Stronger credit can improve your options across both loan types.

Question 4

What credit score do I need?

Accepted Answer

Most lenders want a 620 minimum for non-QM loans. Higher scores open better rate tiers on both 1099 and bank statement programs.

Question 5

Which loan closes faster in Mission Viejo?

Accepted Answer

1099 loans typically involve less document review. Bank statement loans take longer due to deposit analysis.

1099 Loans vs Bank Statement Loans in Mission Viejo