Question 1

Can I qualify for both loan types?

Accepted Answer

Some borrowers qualify for both. We compare approvals side by side to find the better rate and terms for your profile.

Question 2

Do these loans require a large down payment?

Accepted Answer

Most non-QM lenders want 10-20% down. Stronger credit and cleaner income history can help you land closer to the lower end.

Question 3

Are non-QM rates much higher than conventional?

Accepted Answer

Yes, non-QM rates are higher. The gap varies by lender — shopping across multiple wholesale lenders helps close it. Rates vary by borrower profile and market conditions.

Question 4

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Twenty-four months gives a clearer income picture and can improve your qualifying amount.

Question 5

What credit score do I need in Rancho Cucamonga?

Accepted Answer

Most non-QM lenders require at least 620-640. Higher scores open better pricing on both 1099 and bank statement programs.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans often move faster because the documentation is simpler. Bank statement reviews take longer when lenders analyze months of deposits.

1099 Loans vs Bank Statement Loans in Rancho Cucamonga