Question 1

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

Accepted Answer

Yes. Some lenders let you blend documentation to maximize qualifying income. We see this work when borrowers have both W-2 and 1099 income.

Question 2

Which option has lower rates in Del Rey Oaks?

Accepted Answer

1099 loans typically price 0.25% to 0.5% better because the income is easier to verify. Rates vary by borrower profile and market conditions.

Question 3

Do I need tax returns for a 1099 loan?

Accepted Answer

Sometimes. Most lenders want 1099 forms plus one or two years of returns. Bank statement loans skip tax returns entirely.

Question 4

How much can I write off and still qualify?

Accepted Answer

Bank statement loans work even if you write off 70% of your income. 1099 loans need your gross income to support the loan amount after expense ratios.

Question 5

What credit score do I need for either loan?

Accepted Answer

Most lenders start at 620 for both programs. Stronger credit above 680 gets you better pricing and more lender options.

1099 Loans vs Bank Statement Loans in Del Rey Oaks: Which Fits Your Self-Employment Income?