Question 1

Can I use both 1099s and bank statements?

Accepted Answer

Some lenders accept both as supporting documents. Your broker will pick the doc type that shows the highest qualifying income.

Question 2

Do these loans cost more than conventional loans?

Accepted Answer

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

Question 3

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some require 24 months for better rate tiers.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders start at 620-640. Higher scores improve your rate significantly.

Question 5

Can I buy in rural Siskiyou County with these loans?

Accepted Answer

Yes. Non-QM loans have no USDA-style geographic restrictions. Rural properties are eligible as long as they appraise.

Question 6

What down payment is required?

Accepted Answer

Expect 10-20% down for most non-QM products. Lower credit or limited income history typically pushes toward 20%.

1099 Loans vs Bank Statement Loans in Mount Shasta