Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow a combination. A broker can run both scenarios and show you which produces higher qualifying income.

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

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores above 680 get better pricing on both loan types.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down for most non-QM programs. The exact amount depends on the lender and your credit profile.

Question 5

Does it matter which type of bank account I use?

Accepted Answer

For bank statement loans, yes. Business accounts get a higher expense ratio applied, which reduces qualifying income.

Question 6

How long does it take to close a non-QM loan in Stanton?

Accepted Answer

Most non-QM loans close in 21-30 days. Having 12-24 months of clean, organized statements speeds up the process significantly.

1099 Loans vs Bank Statement Loans in Stanton, CA