Question 1

Can I qualify for either loan in Quincy with a 620 credit score?

Accepted Answer

Most lenders want at least 620-640 for non-QM products. Some go lower with a larger down payment. Rates vary by borrower profile and market conditions.

Question 2

Do both loans require two years of self-employment history?

Accepted Answer

Generally yes. Most non-QM lenders want 24 months of self-employment. Some allow 12 months with strong compensating factors.

Question 3

Which loan has a higher down payment requirement?

Accepted Answer

Both typically require 10-20% down. Bank statement loans with lower credit scores may push toward 20% or more.

Question 4

Can I use both personal and business bank statements?

Accepted Answer

Yes. Business accounts require an expense ratio adjustment. Personal accounts typically don't. Your broker determines which works better for your numbers.

Question 5

Are these loans available for rural Plumas County properties?

Accepted Answer

Yes, but rural properties may require additional appraisal review. Non-QM lenders assess property type alongside borrower qualification.

Question 6

Which loan closes faster?

Accepted Answer

1099 loans can move quicker if your forms are organized. Bank statement loans take longer when lenders must analyze 24 months of deposits.

1099 Loans vs Bank Statement Loans in Quincy, CA

1099 Loans vs Bank Statement Loans in Quincy, CA