Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it. Most programs pick one method. A broker can identify which lenders offer blended income options.

Question 2

What credit score do these loans require?

Accepted Answer

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

Question 3

How much can I borrow in Glenn County?

Accepted Answer

Non-QM loans aren't capped by conforming limits the same way. Loan amounts depend on your income documentation and down payment.

Question 4

Do these loans cost more than conventional loans?

Accepted Answer

Yes, typically. Non-QM pricing runs higher due to the added lender risk. Rates vary by borrower profile and market conditions.

Question 5

How far back do bank statements need to go?

Accepted Answer

Most lenders want 12 months minimum. Some require 24. Longer history usually produces a stronger average income calculation.

Question 6

What down payment do these programs require?

Accepted Answer

Expect at least 10% down on most non-QM programs. Some lenders require 20% depending on credit score and loan size.

1099 Loans vs Bank Statement Loans in Orland, CA