Question 1

Can I use both 1099 forms and bank statements?

Accepted Answer

Some lenders allow hybrid documentation. We shop across 200+ wholesale lenders to find programs that accept mixed income sources.

Question 2

Do these loans cost more than conventional mortgages?

Accepted Answer

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

Question 3

How many months of bank statements do I need?

Accepted Answer

Most bank statement programs require 12 to 24 months of statements. Twelve months works for some lenders; 24 months strengthens your file.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger scores get better rates on both loan types.

Question 5

Can I buy a home in Plymouth with either loan type?

Accepted Answer

Yes. Both 1099 and bank statement loans work for primary homes, second homes, and investment properties in Amador County.

1099 Loans vs Bank Statement Loans in Plymouth, CA