Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

No, lenders choose one income calculation method per file. Mixing them creates conflicts and delays underwriting.

Question 2

Which loan type approves faster in Rolling Hills?

Accepted Answer

1099 loans typically close quicker because bank statement analysis takes longer. Expect 30-45 days for 1099s versus 45-60 for bank statements.

Question 3

Do both programs work for jumbo loan amounts?

Accepted Answer

Yes, both handle Rolling Hills pricing. Lenders go to $3-4 million on these programs with strong profiles.

Question 4

What if my 1099 income isn't enough to qualify?

Accepted Answer

Switch to bank statements if deposits show higher cash flow. The bank statement percentage calculation often qualifies more income.

Question 5

Are bank statement loan rates always higher?

Accepted Answer

Usually by 0.25-0.75%, but rates vary by borrower profile and market conditions. Strong credit can narrow the gap.

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