Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. A broker can tell you which option produces the higher qualifying income for your file.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates due to flexible underwriting. 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. Some require 24 months, especially for business bank statements.

Question 4

What credit score do I need for either loan?

Accepted Answer

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

Question 5

Are these loans available for Seal Beach properties?

Accepted Answer

Yes. Both loan types are available throughout Orange County, including Seal Beach, for primary homes and investment properties.

Question 6

What if I have only one year of self-employment history?

Accepted Answer

Some lenders accept one year. Two years of history gives you far more lender options and better terms.

1099 Loans vs Bank Statement Loans in Seal Beach