Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most programs pick one method. A broker can match you with lenders who accept blended documentation.

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 require 10% to 20% down. Stronger credit and reserves can help you qualify at the lower end.

Question 4

What credit score do I need in Fortuna for these loans?

Accepted Answer

Most lenders want at least a 620 score, with better pricing above 700. Requirements vary by lender and loan amount.

Question 5

What if my tax returns show a loss?

Accepted Answer

That's exactly why these loans exist. Neither program uses tax return income — so a paper loss won't disqualify you.

Question 6

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

Accepted Answer

Expect 21 to 35 days in most cases. Have your statements and 1099s organized upfront — that's what slows deals down.

1099 Loans vs Bank Statement Loans in Fortuna, CA