Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Most want one primary method — we'll match you to the right lender based on your income mix.

Question 2

Which loan has the lower rate in Chino?

Accepted Answer

Rates are comparable between the two. Your credit score, down payment, and loan amount drive the difference more than the doc type. Rates vary by borrower profile and market conditions.

Question 3

How much do I need to put down?

Accepted Answer

Most non-QM lenders want 10-20% down. Stronger credit and reserves can help you get to the lower end of that range.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders start at 620-640 for non-QM products. Higher scores open better rates on both 1099 and bank statement programs.

Question 5

Do these loans work for investment properties in Chino?

Accepted Answer

Yes, both programs can finance investment properties. Expect a higher rate and down payment requirement than on a primary residence.

Question 6

How long does it take to close on these loans?

Accepted Answer

Non-QM loans typically close in 21-30 days. Having your statements or 1099s organized upfront keeps things moving.

1099 Loans vs Bank Statement Loans in Chino, CA