Question 1

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

Accepted Answer

Some lenders allow it, but most want one primary method. A broker can tell you which documentation makes your income look stronger.

Question 2

Do these loans work for rural properties in Humboldt County?

Accepted Answer

Yes. Non-QM lenders don't restrict rural properties the way some programs do. Trinidad's coastal and rural homes are eligible.

Question 3

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least 620-640. Some go lower with a larger down payment. Expect stricter terms below 680.

Question 4

How much down payment is required?

Accepted Answer

Typically 10-20% down for both loan types. Lower credit scores or higher loan amounts usually push that requirement up.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes — non-QM loans carry a rate premium. Rates vary by borrower profile and market conditions, so compare lenders carefully.

Question 6

Which loan closes faster in Trinidad?

Accepted Answer

1099 loans often close faster because the income docs are simpler. Bank statement reviews can take longer with more transaction volume.

1099 Loans vs Bank Statement Loans in Trinidad, CA