Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. Most require you to pick one method. A broker can identify which lenders allow blended income verification.

Question 2

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want 660 or higher. Some go to 640 with stronger reserves. Rates vary by borrower profile and market conditions.

Question 3

How much do these loans cost vs conventional?

Accepted Answer

Non-QM rates run higher than conventional. You're paying for flexibility on documentation. Rates vary by borrower profile and market conditions.

Question 4

Do these loans work for investment properties in Moreno Valley?

Accepted Answer

Yes. Both 1099 and bank statement loans can finance investment properties. Down payment requirements are typically higher for non-owner-occupied deals.

Question 5

What if my 1099 income dropped one year?

Accepted Answer

Lenders average your two-year history. A significant drop raises red flags. Consistent or growing income strengthens your file.

Question 6

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

Accepted Answer

Plan for 30 to 45 days. Non-QM underwriting takes longer than conventional. Having complete documentation ready speeds things up.

1099 Loans vs Bank Statement Loans in Moreno Valley