Question 1

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

Accepted Answer

Some lenders allow blended documentation. A broker can identify which wholesale lender accepts your specific income mix.

Question 2

Do these loans work for rural properties in Siskiyou County?

Accepted Answer

Yes, non-QM lenders can finance rural properties. Property type and condition still factor into approval.

Question 3

How much do non-QM rates differ from conventional rates?

Accepted Answer

Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need for these loans?

Accepted Answer

Most non-QM lenders want at least a 620 score. Stronger credit gets you better pricing on both programs.

Question 5

How many months of bank statements do lenders actually require?

Accepted Answer

Most programs require 12 months minimum. Some lenders prefer 24 months for a cleaner income average.

Question 6

Do 1099 loans require two full years of contractor history?

Accepted Answer

Most lenders want 1 to 2 years of 1099 history. Consistency across that period matters more than the exact length.

1099 Loans vs Bank Statement Loans in Etna, CA