Question 1

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

Accepted Answer

Some lenders allow hybrid documentation. We shop across 200+ wholesale lenders to find who accepts your specific income mix.

Question 2

How many years of 1099s do I need?

Accepted Answer

Most lenders want one to two years. Two years gives you stronger approval odds and better rate options.

Question 3

What credit score do I need for these loans?

Accepted Answer

Plan for 660 or higher on most non-QM products. Some lenders go lower, but rates climb fast below that mark.

Question 4

Do these loans work for Willows properties?

Accepted Answer

Yes. Both programs apply to California properties including Glenn County. Rural areas like Willows are eligible under non-QM guidelines.

Question 5

How does the bank statement expense ratio work?

Accepted Answer

Lenders apply a fixed deduction — often 30 to 50% — to your deposits. The remaining amount is treated as qualifying income.

Question 6

Are rates higher on these loans than conventional?

Accepted Answer

Yes. Non-QM products carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.

1099 Loans vs Bank Statement Loans in Willows, CA