Question 1

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

Accepted Answer

Most lenders pick one documentation path, but some will blend sources if your income story needs it. We run both scenarios to find the best rate.

Question 2

Do bank statement loans accept personal accounts or only business?

Accepted Answer

Both work. Business accounts are cleaner, but personal accounts qualify if deposits clearly show business income with minimal personal expenses mixed in.

Question 3

Which option closes faster in Colma?

Accepted Answer

1099 loans usually close 2-3 days faster because tax forms are simpler to verify. Bank statement underwriting takes longer to review deposit patterns.

Question 4

Can I qualify with only six months of bank statements?

Accepted Answer

No. Bank statement programs require 12 or 24 months minimum. If you only have six months of history, a 1099 loan is your only path.

Question 5

Do these loans work for investment properties in Colma?

Accepted Answer

Yes. Both 1099 and bank statement loans approve investment property purchases with 20-25% down, though rates run about 0.5% higher than owner-occupied.

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