Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. We shop across 200+ wholesale lenders to find who accepts your specific income mix.

Question 2

Which loan has the lower credit score requirement?

Accepted Answer

Both typically require a minimum score around 620–640. Requirements vary by lender and loan size.

Question 3

Do these loans work for Banning home purchases?

Accepted Answer

Yes. Both are available for purchases and refinances in Riverside County, including Banning.

Question 4

How much down payment do I need?

Accepted Answer

Most non-QM lenders want 10–20% down. Exact amounts depend on credit score, loan size, and the lender.

Question 5

Are non-QM loan rates higher than conventional?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

How long does approval take for these loans?

Accepted Answer

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

1099 Loans vs Bank Statement Loans in Banning, CA