Question 1

Can I use both 1099 forms and bank statements together?

Accepted Answer

Some lenders allow it, but most programs pick one method. A broker can find lenders that blend both for stronger files.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates due to added lender risk. Rates vary by borrower profile and market conditions.

Question 3

How much do I need for a down payment?

Accepted Answer

Most 1099 and bank statement lenders want 10-20% down. Stronger credit or reserves can sometimes lower that threshold.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores get better pricing on both programs.

Question 5

Are these loans available for properties in Susanville?

Accepted Answer

Yes. Non-QM lenders operate statewide in California. Rural Lassen County properties are eligible on most programs.

Question 6

How long does self-employment history need to be?

Accepted Answer

Most lenders want at least two years of self-employment. Some will consider one year with strong compensating factors.

1099 Loans vs Bank Statement Loans in Susanville