Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We identify which approach qualifies you for the most income at the best terms.

Question 2

Do these loans work for Villa Park purchase prices?

Accepted Answer

Both loan types can reach jumbo amounts. Non-QM lenders regularly fund high-value purchases in Orange County.

Question 3

How many years of 1099s do lenders want?

Accepted Answer

Most lenders require one to two years of 1099s. Consistent income across both years strengthens your file.

Question 4

Which loan has the lower rate?

Accepted Answer

Rates vary by borrower profile and market conditions. Neither loan type is universally cheaper — your specific file drives the number.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit scores open better pricing on both products.

Question 6

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

Accepted Answer

Non-QM loans typically close in 21 to 30 days. Having your statements or 1099s organized upfront speeds the process.

1099 Loans vs Bank Statement Loans in Villa Park