Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. We can find programs that accept both if your income comes from multiple sources.

Question 2

Do these loans work for Blue Lake properties?

Accepted Answer

Yes. Non-QM lenders finance rural and small-market properties. Humboldt County deals close — appraisal coverage is the key check.

Question 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores improve your rate significantly on both loan types.

Question 4

How much do I need to put down?

Accepted Answer

Expect 10–20% down on both programs. Lower down payments are possible but usually require stronger credit or reserves.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes. Non-QM loans carry a rate premium for flexible qualification. Rates vary by borrower profile and market conditions.

Question 6

How long does it take to close a non-QM loan?

Accepted Answer

Plan for 30–45 days. Non-QM underwriting takes longer than conventional. Get your statements and 1099s ready early.

1099 Loans vs Bank Statement Loans in Blue Lake, CA