Question 1

Can I use both 1099s and bank statements on the same loan?

Accepted Answer

Some lenders blend both, but most want one or the other. Mixing documentation slows underwriting and doesn't usually improve your qualifying income.

Question 2

Which loan closes faster in Brentwood?

Accepted Answer

1099 loans typically close 5 to 7 days faster. Bank statement underwriting takes longer because of the deposit analysis required.

Question 3

Do both loans allow investment property purchases?

Accepted Answer

Yes, but expect 20% to 25% down for rentals. Both work well for Brentwood investors buying single-family homes or small multifamily units.

Question 4

What credit score do I need for each option?

Accepted Answer

Both usually require 620 minimum, 640 for better rates. Higher scores help offset the non-QM risk premium lenders charge.

Question 5

Can I avoid showing all my business accounts?

Accepted Answer

Not with bank statement loans—lenders want every account tied to your business. 1099 loans skip this since they rely on tax forms instead.

1099 Loans vs Bank Statement Loans in Brentwood: Which Self-Employed Option Fits You?