Question 1

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

Accepted Answer

Some lenders allow blended documentation. A broker can shop programs across multiple lenders to find one that accepts your mix.

Question 2

Which loan has a lower minimum credit score?

Accepted Answer

Both are non-QM loans. Most lenders want at least 620-640. Stronger credit gets you better pricing on either option.

Question 3

Do these loans work for Simi Valley purchase prices?

Accepted Answer

Yes. Non-QM lenders set their own loan limits, often well above conforming caps. Your income qualification is the bigger factor.

Question 4

How much can I put down on either loan?

Accepted Answer

Most non-QM programs require 10-20% down. Lower down payments are possible but usually come with higher rates.

Question 5

Are non-QM loans harder to get approved?

Accepted Answer

They're different, not necessarily harder. The documentation requirements are simpler for self-employed borrowers than conventional loans.

Question 6

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

Accepted Answer

Typically 21-30 days. Having your bank statements or 1099s ready upfront keeps the process moving.

1099 Loans vs Bank Statement Loans in Simi Valley