Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders allow hybrid documentation. A broker can match you to lenders who accept your specific income mix.

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

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want a 620 or higher. Stronger scores get better pricing on both loan types.

Question 4

How much down payment is required?

Accepted Answer

Expect at least 10-20% down for most non-QM products. The exact amount depends on your credit and loan size.

Question 5

Which loan closes faster in Nevada City?

Accepted Answer

Neither has a built-in speed advantage. Timeline depends on how quickly you can gather your documentation.

Question 6

Do these loans work for Nevada City's rural properties?

Accepted Answer

They can. Property eligibility depends on the lender's guidelines. Some non-QM lenders avoid rural or acreage properties.

1099 Loans vs Bank Statement Loans in Nevada City