Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. A broker can match you with one that accepts your strongest combination.

Question 2

Do these loans require a higher down payment?

Accepted Answer

Yes — most non-QM lenders require 10–20% down. Exact requirements vary by lender and credit profile.

Question 3

Which loan has the better interest rate?

Accepted Answer

Rates on both are higher than conventional loans. The gap depends on your credit score, down payment, and which lender we place you with.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least a 620. Stronger scores improve your rate on both programs.

Question 5

Are these loans available for Portola properties specifically?

Accepted Answer

Yes. Non-QM lenders operate statewide. Rural Plumas County properties are eligible, though some lenders have acreage limits.

1099 Loans vs Bank Statement Loans in Portola, CA