Question 1

Can I use both 1099 forms and bank statements?

Accepted Answer

Some lenders allow both to strengthen your file. SRK CAPITAL can identify which approach produces the higher qualifying income for your situation.

Question 2

Which loan has the lower credit score minimum?

Accepted Answer

Both programs typically require a 620-640 minimum credit score. Requirements vary by lender — we shop across many to find your best option.

Question 3

Do bank statement loans work for personal accounts?

Accepted Answer

Yes. Many lenders accept personal bank statements. Business accounts often produce a higher qualifying income after the expense ratio is applied.

Question 4

How much down payment do these loans require?

Accepted Answer

Most non-QM lenders require 10-20% down. Your credit score and loan amount affect the exact requirement.

Question 5

How long does it take to close a non-QM loan in Beaumont?

Accepted Answer

Non-QM loans typically close in 21-30 days. Having your 1099s or bank statements organized upfront speeds up the process.

1099 Loans vs Bank Statement Loans in Beaumont, CA