Question 1

Can I use both 1099 income and bank statements for my Antioch mortgage?

Accepted Answer

You typically choose one income verification method per loan application. Your lender will recommend which approach provides the strongest qualifying income based on your specific situation.

Question 2

Which option gets better interest rates in Antioch?

Accepted Answer

Rates vary by borrower profile and market conditions. Both are non-QM loans with similar rate structures. Your credit score, down payment, and overall financial profile matter more than the specific income documentation method.

Question 3

How much income do lenders count from my 1099 forms?

Accepted Answer

Most lenders use the full gross income from your 1099 forms averaged over one or two years. Some programs may reduce this by a small percentage for self-employment taxes.

Question 4

What percentage of bank deposits counts as income?

Accepted Answer

Lenders typically count 50% to 75% of your bank deposits as qualifying income, depending on your business type. This accounts for operating expenses without requiring detailed expense documentation.

Question 5

Do I need business tax returns for either program?

Accepted Answer

Requirements vary by lender. Some 1099 loan programs work without tax returns, while others require them. Bank statement loans often don't require tax returns, making them popular with borrowers who show lower taxable income.

1099 Loans vs Bank Statement Loans in Antioch: Which Self-Employed Option Fits Your Needs?