Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow it, but most want one primary income method. We'll match you with lenders that accept your strongest documentation.

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 and lower down payment requirements.

Question 3

How much do I need to put down?

Accepted Answer

Expect 10-20% down on most non-QM products. Higher down payments can offset weaker income documentation.

Question 4

Do these loans work for Rio Dell property prices?

Accepted Answer

Both programs handle a wide range of loan amounts. Humboldt County prices tend to be lower than coastal metros, which works in your favor.

Question 5

Are 1099 loans harder to get approved than bank statement loans?

Accepted Answer

Neither is strictly harder — it depends on your income structure. The wrong loan type creates problems; the right one is straightforward.

Question 6

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

Accepted Answer

Non-QM loans typically close in 21-30 days. Having your statements or 1099s organized upfront keeps things moving.

1099 Loans vs Bank Statement Loans in Rio Dell