Question 1

Can I qualify for both loan types?

Accepted Answer

Possibly. We run your numbers both ways to see which produces higher qualifying income. The better result determines which program we submit.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need?

Accepted Answer

Most lenders want at least 620. Stronger scores above 700 get better pricing on both programs.

Question 4

How much down payment is required?

Accepted Answer

Expect 10-20% down for most Non-QM programs. Lower credit scores or higher loan amounts typically require more down.

Question 5

Can I use a mix of 1099s and bank statements?

Accepted Answer

Some lenders allow it. Most want one primary income method. We know which wholesale lenders are flexible on this.

Question 6

Are these loans available for investment properties in Corona?

Accepted Answer

Yes. Both programs work for primary homes and investment properties. Terms differ by occupancy type.

1099 Loans vs Bank Statement Loans in Corona, CA