Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. Ask your broker which combination produces the highest qualifying income for your specific file.

Question 2

Do these loans require perfect credit?

Accepted Answer

No, but higher credit scores get better rates. Most non-QM lenders want at least a 620-640 score. Rates vary by borrower profile and market conditions.

Question 3

How much can I borrow with a non-QM loan in Port Hueneme?

Accepted Answer

Non-QM loan limits depend on the lender, your income, and your down payment. There's no single cap — qualifying income drives the number.

Question 4

Are rates higher on these loans than conventional?

Accepted Answer

Yes, non-QM rates typically run higher than conventional. The trade-off is access to financing that standard programs won't approve. Rates vary by borrower profile and market conditions.

Question 5

How long does underwriting take for these loan types?

Accepted Answer

Non-QM loans often take longer than conventional loans. Plan for 30-45 days. Having clean, organized statements or 1099s speeds things up considerably.

Question 6

What down payment do I need for a 1099 or bank statement loan?

Accepted Answer

Most non-QM lenders want at least 10% down, with better terms at 20% or more. Lower down payments typically mean higher rates and stricter requirements.

1099 Loans vs Bank Statement Loans in Port Hueneme