Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. A broker can find programs that combine both to maximize your qualifying income.

Question 2

Do these loans work for Ione's rural properties?

Accepted Answer

Yes, but rural properties add underwriting complexity. Make sure your lender is comfortable with Amador County appraisals.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Better scores get you meaningfully better rates. Rates vary by borrower profile and market conditions.

Question 4

How much do I need for a down payment?

Accepted Answer

Expect 10-20% down on most non-QM programs. Lower down payments are possible but come with higher rates.

Question 5

Are these loans more expensive than conventional mortgages?

Accepted Answer

Yes. Non-QM loans carry higher rates due to increased lender risk. The tradeoff is qualifying when conventional loans won't work.

Question 6

How long does approval take compared to conventional loans?

Accepted Answer

Non-QM underwriting can take longer — plan for 30-45 days. Working with a broker who knows these programs speeds things up.

1099 Loans vs Bank Statement Loans in Ione, CA