Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

No — lenders pick one method per loan file. We run the numbers both ways to see which gives you the higher qualifying income.

Question 2

What credit score do I need for these loans in Hesperia?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better rates and lower down payment requirements.

Question 3

How much down payment is required?

Accepted Answer

Expect 10-20% down on most non-QM products. Exact requirements depend on the lender, your credit, and loan amount.

Question 4

Are these loans more expensive than conventional loans?

Accepted Answer

Yes, non-QM rates run higher than conventional. The trade-off is qualifying when standard programs won't work for you.

Question 5

Do these loans work for Hesperia investment properties?

Accepted Answer

Both programs can be used on investment properties. Down payment and rate requirements are typically stricter on non-owner-occupied homes.

Question 6

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

Accepted Answer

Plan for 30-45 days. Non-QM underwriting takes longer than conventional because income analysis is more manual.

1099 Loans vs Bank Statement Loans in Hesperia