Question 1

Can I use both 1099 and bank statements together?

Accepted Answer

Some lenders allow hybrid documentation. SRK CAPITAL can identify programs that layer both for stronger qualification.

Question 2

What credit score do I need for these loans in Upland?

Accepted Answer

Most non-QM lenders want a 620 minimum. Stronger scores get better pricing on both programs.

Question 3

Do these loans have higher down payment requirements?

Accepted Answer

Typically yes. Expect 10-20% down for non-QM loans. Exact requirements vary by lender and credit profile.

Question 4

How long does it take to close a bank statement loan?

Accepted Answer

Plan for 30-45 days. Statement review adds time versus a standard loan. Having statements ready speeds things up.

Question 5

What if my 1099 income varies year to year?

Accepted Answer

Lenders average the two years. A big drop in year two can hurt you — consistent or rising income qualifies best.

1099 Loans vs Bank Statement Loans in Upland, CA