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in Highland, CA
Most Highland buyers earn traditional W-2 income. You might not. If you file 1099s or run your own business, standard loans often reject you outright.
Two non-QM options exist for self-employed borrowers: 1099 loans and bank statement loans. Knowing which fits your income type saves time and avoids dead ends.
1099 loans are built for independent contractors and freelancers. Your 1099 forms replace pay stubs as proof of income.
Lenders typically want 1-2 years of 1099s. Your gross earnings drive qualification — not what's left after write-offs.
Bank statement loans use 12 to 24 months of deposits to calculate your income. Tax deductions stop working against you.
This program fits business owners whose returns show low taxable income. Lenders look at cash flow, not IRS filings.
1099 loans rely on your contractor income forms. Bank statement loans rely on actual deposits hitting your account.
If you own a business and pay yourself irregularly, bank statements capture the full picture. If you're a straight contractor with clean 1099s, that route is simpler.
You're a rideshare driver, freelance designer, or independent sales rep? 1099 loans are likely your cleaner path.
You own an LLC or S-corp in Highland with significant business expenses? Bank statement loans usually capture more income and qualify you higher.
Some lenders allow a hybrid approach. SRK CAPITAL shops programs across 200+ wholesale lenders to find that flexibility.
Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.
Most non-QM lenders want at least a 620. Stronger scores get better pricing on both programs.
Most programs require 10-20% down. Higher down payments can offset weaker credit or income documentation.
Yes. Both programs allow investment property purchases. Reserve requirements are typically stricter on those deals.