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in Beaumont, CA
Most Beaumont self-employed buyers get turned down by conventional lenders. Their income looks wrong on paper — even when cash flow is strong.
Two non-QM options solve this: 1099 loans and bank statement loans. Knowing which fits your income structure saves time and gets you approved.
1099 loans are built for independent contractors and freelancers. You qualify using your 1099 forms — not tax returns that show deductions killing your income.
Lenders typically average 1 to 2 years of 1099 earnings. This works well if your gross income is consistent and you file as an independent contractor.
Bank statement loans use 12 to 24 months of deposits to calculate income. Lenders apply an expense ratio to deposits — what's left counts as qualifying income.
This program fits business owners whose tax returns show minimal net income. If money moves through your accounts, this loan sees it.
Local decision guide
Use this comparison to weigh 1099 Loans and Bank Statement Loans through local payment fit, eligibility, documentation, and timing before choosing a path in Beaumont.
Most Beaumont self-employed buyers get turned down by conventional lenders. Their income looks wrong on paper — even when cash flow is strong.
Two non-QM options solve this: 1099 loans and bank statement loans. Knowing which fits your income structure saves time and gets you approved.
1099 loans are built for independent contractors and freelancers. You qualify using your 1099 forms — not tax returns that show deductions killing your income.
The core split: 1099 loans look at what you earned, bank statement loans look at what moved through your accounts. Different income documentation, different approval math.
Bank statement loans carry more lender flexibility but often require a larger down payment. 1099 loans tend to be simpler if your contractor income is clean and consistent.
Pick a 1099 loan if you're a contractor or freelancer with steady 1099 income and minimal business expenses. It's a cleaner approval path with less documentation.
Pick a bank statement loan if you own a business, write off heavy expenses, and have strong deposit history. At SRK CAPITAL, we compare both across 200+ lenders to find the better fit for your file.
Some lenders allow both to strengthen your file. SRK CAPITAL can identify which approach produces the higher qualifying income for your situation.
Both programs typically require a 620-640 minimum credit score. Requirements vary by lender — we shop across many to find your best option.
Yes. Many lenders accept personal bank statements. Business accounts often produce a higher qualifying income after the expense ratio is applied.
Most non-QM lenders require 10-20% down. Your credit score and loan amount affect the exact requirement.
Non-QM loans typically close in 21-30 days. Having your 1099s or bank statements organized upfront speeds up the process.