Question 1

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

Accepted Answer

Some lenders allow blended documentation. A broker can run your file both ways to see which method produces a higher qualifying income.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders want at least 10% down. Stronger credit profiles may qualify for lower requirements depending on the lender.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most lenders want a 620 minimum. Better pricing and terms kick in at 680 and above for both loan types.

Question 5

Can I use these loans to buy in Sutter Creek specifically?

Accepted Answer

Yes. Non-QM lenders have no geographic restrictions in Amador County. Rural and small-market properties are eligible.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans typically involve less document review. Bank statement loans require lenders to analyze months of deposits, which adds time.

1099 Loans vs Bank Statement Loans in Sutter Creek