Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined docs, but most require one method. A broker can identify which lenders in Fontana accept blended income documentation.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some want 24 months for a stronger income average.

Question 4

What credit score do lenders require for these loans?

Accepted Answer

Most non-QM lenders want a 620 minimum. Higher scores get better rates on both 1099 and bank statement products.

Question 5

Which loan closes faster in Fontana?

Accepted Answer

1099 loans typically have simpler doc reviews and can close faster. Bank statement loans take longer due to deposit analysis.

Question 6

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years in the same line of work. Some non-QM programs accept 12 months with strong compensating factors.

1099 Loans vs Bank Statement Loans in Fontana