Question 1

Can I qualify for both loan types?

Accepted Answer

Some borrowers qualify for both. SRK CAPITAL will run both scenarios and show you which one gets you better terms.

Question 2

Do these loans require tax returns?

Accepted Answer

No. That's the point of both programs. Tax returns are not used to verify income on either loan type.

Question 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want at least a 620. Stronger credit improves your rate on both programs.

Question 4

How much can I borrow in Yucaipa?

Accepted Answer

Non-QM loans don't follow conforming limits the same way. Your qualifying income and debt load determine the number.

Question 5

Are these loans more expensive than conventional?

Accepted Answer

Yes, typically. Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

How long does it take to close?

Accepted Answer

Non-QM loans can take 30 to 45 days. Having 12 to 24 months of clean statements ready speeds things up.

1099 Loans vs Bank Statement Loans in Yucaipa