Question 1

Can I use both 1099 forms and bank statements?

Accepted Answer

No. Lenders pick one income calculation method per file. Mixing documentation creates conflicts and delays approval.

Question 2

Do I need two years in business for either loan?

Accepted Answer

Most lenders want 24 months of self-employment history. Some accept 12 months if income is strong and consistent.

Question 3

Which loan type closes faster in Greenfield?

Accepted Answer

1099 loans typically close in 21-30 days. Bank statement loans add 5-7 days for deposit analysis and income verification.

Question 4

Can I qualify with cryptocurrency assets?

Accepted Answer

Some non-QM lenders now accept verified crypto holdings as income or reserves. This works alongside traditional documentation methods.

Question 5

What if I have multiple income sources?

Accepted Answer

Bank statement loans handle mixed income better. All deposits count, whether from contracts, sales, or side work.

1099 Loans vs Bank Statement Loans in Greenfield: Which Income Doc Works Best?