Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

Some lenders allow both. A broker can find programs that blend income sources if one document alone falls short.

Question 2

Do these loans have higher rates 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 years of 1099s do I need?

Accepted Answer

Most lenders want one to two years of 1099 forms. The more consistent your income history, the stronger your file.

Question 4

What credit score do I need for these loans in Dorris?

Accepted Answer

Requirements vary by lender and program. Many non-QM lenders start around 620-640, but stronger scores get better terms.

Question 5

Are these loans available for Siskiyou County rural properties?

Accepted Answer

Non-QM lenders do lend in rural areas. Property type and condition still matter — not every lender covers every property.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

1099 loans often have simpler doc reviews. Bank statement loans take longer when lenders analyze months of deposits.

1099 Loans vs Bank Statement Loans in Dorris, CA