Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow it, but most require you to pick one method. A broker can tell you which gives you the higher qualifying income.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

Yes, non-QM loans carry higher rates 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 programs require 24 months for a stronger income average.

Question 4

What credit score do I need for either loan?

Accepted Answer

Most non-QM lenders require at least a 620 score. Stronger scores get better rates on both products.

Question 5

Are these loans available for Woodland properties?

Accepted Answer

Yes. Both 1099 and bank statement loans are available throughout Yolo County, including Woodland.

Question 6

Which loan is easier to qualify for?

Accepted Answer

It depends on your income structure. There's no universal answer — your documents tell the story.

1099 Loans vs Bank Statement Loans in Woodland, CA