Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. A broker can identify which wholesale lenders in our network allow this structure.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Non-QM loans typically require more down than conventional. Exact requirements vary by lender and borrower profile.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most bank statement loan programs require 12 to 24 months of statements. Lenders average the deposits over that period to calculate income.

Question 4

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

Accepted Answer

Most non-QM lenders want at least a 620 credit score. Stronger scores get better rates. Requirements vary by lender.

Question 5

Are 1099 loans harder to qualify for than bank statement loans?

Accepted Answer

Not harder — just different. 1099 loans require a consistent contractor income trail. Bank statement loans require steady deposits. Fit depends on your income type.

Question 6

Can I use these loans to buy in rural Mendocino County?

Accepted Answer

Yes. Non-QM lenders regularly fund purchases in rural areas like Willits. Property type and appraisal still matter.

1099 Loans vs Bank Statement Loans in Willits, CA