Question 1

Can I apply for both and see which qualifies me for more?

Accepted Answer

Yes. We run your scenario through both programs before submitting anything. You pick the one with better terms.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most lenders want at least 620-640 for non-QM programs. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 3

Do 1099 loans require two years of self-employment?

Accepted Answer

Most lenders want 1-2 years of 1099 history. One year may work with strong income and reserves.

Question 4

What down payment is required?

Accepted Answer

Expect 10-20% down for most non-QM programs. Exact requirements depend on credit score and loan size.

Question 5

Are these loans available for investment properties in Victorville?

Accepted Answer

Yes, both programs can be used for investment property. Expect slightly higher rates and down payment requirements.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans often have simpler documentation. Bank statement loans require gathering months of records, which can add time.

1099 Loans vs Bank Statement Loans in Victorville