Question 1

Can I qualify for both loan types at once?

Accepted Answer

You can apply for both and compare terms. We run your scenario through multiple lenders to see which product gives you the stronger qualification.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans typically 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 want 12 months minimum. Some require 24 months for a better rate or higher loan amount.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders in this space want at least a 620. Stronger scores get better pricing on both loan types.

Question 5

Can I use personal and business bank statements?

Accepted Answer

Yes, but lenders treat them differently. Business statements often get a higher expense ratio applied, which reduces qualifying income.

Question 6

Which loan closes faster in Placentia?

Accepted Answer

1099 loans often move faster — fewer documents to analyze. Bank statement loans take longer due to deposit averaging and expense ratio review.

1099 Loans vs Bank Statement Loans in Placentia, CA