Question 1

Can I use both 1099s and bank statements for one loan?

Accepted Answer

No, you pick one documentation method per loan. Some lenders allow mixing income sources, but the verification method stays consistent.

Question 2

Which loan gets me a lower rate in Parlier?

Accepted Answer

1099 loans typically price slightly better because they use tax returns. Bank statement loans carry more risk for lenders, so rates run higher.

Question 3

Do both loans work for Parlier investment properties?

Accepted Answer

Yes, but minimum down payments increase. Expect 20% to 25% down for investment properties under either program.

Question 4

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

Accepted Answer

1099 loans need one to two years of tax returns. Bank statement loans require 12 to 24 months of consecutive statements.

Question 5

What if my income varies month to month?

Accepted Answer

Bank statement loans handle irregular income better. Lenders average your deposits across 12 or 24 months to smooth out fluctuations.

1099 Loans vs Bank Statement Loans in Parlier: Which Self-Employed Mortgage Fits Your Income?