Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most non-QM programs pick one method. We find the best fit based on which document shows higher qualifying income.

Question 2

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620. Better scores get better rates — rates vary by borrower profile and market conditions.

Question 3

How much can I borrow in Shasta County?

Accepted Answer

Non-QM loans aren't bound by conventional loan limits. Your qualifying income and debt load set the ceiling, not a county cap.

Question 4

Do these loans cost more than conventional loans?

Accepted Answer

Yes, non-QM rates run higher than conventional. The trade-off is qualifying when traditional lenders say no.

Question 5

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs offer better terms with 24 months of clean deposit history.

Question 6

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Personal statements typically get a smaller expense ratio applied, which can mean more qualifying income for some borrowers.

1099 Loans vs Bank Statement Loans in Shasta Lake