Question 1

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

Accepted Answer

No — lenders pick one income method per loan file. Your broker will choose whichever shows the strongest qualifying income.

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 months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs ask for 24 months for better rate pricing.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620 score. Higher scores get better rates on both programs.

Question 5

Are these loans available for Dunsmuir properties?

Accepted Answer

Yes. Non-QM programs work in rural Siskiyou County. Property type and condition still affect approval.

Question 6

What down payment is required?

Accepted Answer

Expect 10-20% down on most non-QM loans. Exact requirements depend on your credit, income, and lender.

1099 Loans vs Bank Statement Loans in Dunsmuir