Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

Most lenders pick one method per loan. We run both to see which gives you higher qualifying income. That determines which program to use.

Question 2

Do both programs require the same down payment?

Accepted Answer

Yes, both typically need 15-20% down in Burlingame. Higher credit scores sometimes unlock 10% down options on either program.

Question 3

Which program closes faster in San Mateo County?

Accepted Answer

Bank statement loans often close quicker because statements are readily available. Tax returns sometimes need amendments or CPA signatures that add days.

Question 4

What credit score do I need for each program?

Accepted Answer

Both accept 620 minimum. You get better rates above 680. Strong credit matters more than which program you choose.

Question 5

Can I switch programs mid-application?

Accepted Answer

Yes, we can pivot if one method shows stronger income. Happens often when we review documents and find a better qualifying path.

1099 Loans vs Bank Statement Loans: Which Works for Burlingame Self-Employed Buyers?