Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Some lenders allow hybrid approaches, but most programs use one verification method. We evaluate both options and recommend whichever shows stronger qualifying income for your situation.

Question 2

Which option gets better rates in San Pablo?

Accepted Answer

Rates depend more on credit score, down payment, and loan amount than documentation type. Both are non-QM loans with similar pricing. Rates vary by borrower profile and market conditions.

Question 3

Do I need business bank statements or personal?

Accepted Answer

Either works for bank statement loans. Business accounts often get higher income calculation percentages. Personal accounts work fine if that's where deposits land.

Question 4

How far back do my 1099s need to go?

Accepted Answer

Most lenders want two years of 1099 history showing stable or increasing income. Newer contractors with less history should consider bank statement loans instead.

Question 5

What if my bank statements show irregular deposits?

Accepted Answer

Lenders average deposits over 12-24 months, smoothing out inconsistency. Seasonal businesses and fluctuating income still qualify as long as the average supports the loan amount.

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