Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it. Most non-QM programs pick one method. We'll match you to lenders whose guidelines fit your income mix.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans carry higher rates. Rates vary by borrower profile and market conditions — your credit score and down payment matter a lot.

Question 3

How much do I need to put down in Orange?

Accepted Answer

Most non-QM lenders want 10-20% down. Stronger credit can get you to the lower end. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most lenders want at least 640-660 for non-QM products. Some go lower with a larger down payment.

Question 5

How long does it take to close?

Accepted Answer

Non-QM loans typically take 21-30 days. Having your bank statements or 1099s organized upfront speeds things up.

Question 6

What if my tax returns show a loss?

Accepted Answer

That's exactly why these loans exist. Neither program uses your tax returns to calculate income.

1099 Loans vs Bank Statement Loans in Orange, CA