Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. We can shop that option across our wholesale network to find who accepts it.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-660 for non-QM products. Stronger scores get better pricing on both loan types.

Question 4

How much can I borrow in Los Altos Hills?

Accepted Answer

Non-QM loans aren't capped by conforming limits. Loan amounts depend on your income documentation and the lender's guidelines.

Question 5

Is one faster to close than the other?

Accepted Answer

1099 loans often close faster. Bank statement loans require more document review, which can add days to underwriting.

1099 Loans vs Bank Statement Loans in Los Altos Hills