Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. It depends on the program and your income picture — we'll match you to the right lender.

Question 2

What credit score do I need for these loans?

Accepted Answer

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

Question 3

How much do I need to put down?

Accepted Answer

Expect 10-20% down for most non-QM programs. Higher down payments can offset weaker credit or income documentation.

Question 4

Do these loans work for Westminster's higher home prices?

Accepted Answer

Non-QM loans can go well above conforming limits. Loan size is based on your verified income and down payment.

Question 5

Are 1099 loans harder to qualify for than bank statement loans?

Accepted Answer

Not necessarily. It depends on how consistent your 1099 income is. We compare both before recommending one.

Question 6

How long does approval take for non-QM loans?

Accepted Answer

Most non-QM deals close in 21-30 days. Having clean documentation ready speeds things up significantly.

1099 Loans vs Bank Statement Loans in Westminster, CA