Question 1

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

Accepted Answer

No, lenders pick one income verification method per loan. You'll apply under either 1099 or bank statement guidelines, not a combination of both.

Question 2

Which option gets me a lower rate?

Accepted Answer

Rates are similar on both programs, typically 1-2% above conventional loans. Your credit score and down payment affect pricing more than the income documentation type.

Question 3

Do I need a business license for these loans in Kerman?

Accepted Answer

Not always, but lenders want proof you're self-employed. 1099 forms or consistent business deposits serve as that proof without requiring a formal license.

Question 4

How far back do my 1099s or bank statements need to go?

Accepted Answer

1099 loans typically require one to two years of forms. Bank statement loans need 12 or 24 months of consecutive statements with no gaps.

Question 5

Can I qualify with only a few months of self-employment?

Accepted Answer

Generally no. Both programs require at least 12 months of self-employed income history to show your earnings are stable and ongoing.

1099 Loans vs Bank Statement Loans in Kerman: Which Self-Employed Option Fits Your Situation?