Question 1

Can I use both 1099s and bank statements to qualify?

Accepted Answer

No — lenders pick one method per loan. Your broker helps you choose whichever produces the higher qualifying income.

Question 2

How many years of 1099s do lenders want?

Accepted Answer

Most lenders want one to two years of 1099s. Consistent income across both years strengthens your file.

Question 3

Do bank statement loans work for personal accounts?

Accepted Answer

Yes, but lenders apply a higher expense factor to personal accounts. Business accounts typically produce a better income calculation.

Question 4

Are these loans available for properties in Graeagle?

Accepted Answer

Yes. Both are non-QM programs available statewide in California, including rural Plumas County properties.

Question 5

Which program has stricter credit requirements?

Accepted Answer

Requirements vary by lender. Generally, both programs accept scores in the 620–680 range, though better scores get better rates.

Question 6

Do either of these require tax returns?

Accepted Answer

No. That's the point. Both programs were designed specifically to skip the tax return income calculation.

1099 Loans vs Bank Statement Loans in Graeagle