Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow combined documentation. Ask us which wholesale lenders in our network allow that structure.

Question 2

Do these loans have higher rates than conventional loans?

Accepted Answer

Yes, non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 3

How much do I need for a down payment?

Accepted Answer

Most non-QM lenders require 10-20% down. Stronger credit and reserves can improve your terms.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most lenders want at least 620-640 for non-QM products. Higher scores open better pricing.

Question 5

Which loan closes faster in Red Bluff?

Accepted Answer

1099 loans often close faster since the documentation is simpler. Bank statement reviews take more underwriting time.

Question 6

Are these loans available for investment properties?

Accepted Answer

Yes, both loan types can be used for investment properties. Expect stricter reserve and down payment requirements.

1099 Loans vs Bank Statement Loans in Red Bluff