Question 1

Can I use both 1099 forms and bank statements?

Accepted Answer

Some lenders allow a combination, but most programs require one primary income doc type. We'll run both scenarios to see which qualifies you for more.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional financing. Rates vary by borrower profile and market conditions.

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs ask for 24 months to show more consistent cash flow.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want a 620 minimum. Stronger credit scores typically get better rates on both programs.

Question 5

Are these loans available for Chester properties?

Accepted Answer

Yes. Non-QM lenders cover rural Plumas County properties. Property type and value can affect lender availability.

Question 6

Which loan closes faster?

Accepted Answer

Both have similar timelines — typically 21 to 30 days. Having your income docs organized upfront speeds things up on either program.

1099 Loans vs Bank Statement Loans in Chester, CA

1099 Loans vs Bank Statement Loans in Chester, CA