Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow blended documentation. It depends on the lender's guidelines. We can find programs that accept both.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates due to added lender risk. Rates vary by borrower profile and market conditions.

Question 3

How many months of 1099s do I need?

Accepted Answer

Most lenders want 1 to 2 years of 1099 forms. Some accept just 12 months with strong compensating factors.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger scores get better rates. Some programs allow scores down to 580.

Question 5

Are these loans available for Montague properties?

Accepted Answer

Yes. Non-QM loans work across Siskiyou County. Rural property types may have additional appraisal requirements.

Question 6

Which loan closes faster — 1099 or bank statement?

Accepted Answer

Timelines are similar, typically 21–30 days. Bank statement reviews can take longer if deposits are inconsistent.

1099 Loans vs Bank Statement Loans in Montague, CA