Question 1

Can I apply for both loan types at once?

Accepted Answer

You can get quoted on both. SRK CAPITAL runs your scenario across lenders for each product to find the better qualifying income.

Question 2

Do these loans have higher rates than conventional?

Accepted Answer

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

Question 3

How many months of 1099s do lenders need?

Accepted Answer

Most lenders want 1 to 2 years of 1099s. Two years gives you a stronger, more consistent income picture.

Question 4

What credit score do I need for either loan?

Accepted Answer

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

Question 5

Can I use personal bank statements for the bank statement loan?

Accepted Answer

Yes. Lenders accept personal or business accounts. Business accounts often show cleaner income separation.

Question 6

Which loan closes faster in Loma Linda?

Accepted Answer

Close times depend on how quickly you provide documentation. Complete files on either product typically close in 21 to 30 days.

1099 Loans vs Bank Statement Loans in Loma Linda