Question 1

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

Accepted Answer

No, lenders pick one income calculation method per loan. We run scenarios for both and choose whichever qualifies you for more house.

Question 2

What if my 1099 income varies month to month?

Accepted Answer

Lenders average 12-24 months of 1099 income. Seasonal variation is fine as long as the average supports your target payment.

Question 3

Do bank statement loans accept business account statements?

Accepted Answer

Yes, you can use personal or business accounts. Business statements often show higher deposits but may trigger higher expense ratios.

Question 4

Which option closes faster in Half Moon Bay?

Accepted Answer

Both take 30-45 days typically. Bank statement loans sometimes add a week for deposit review, but neither has major speed advantages.

Question 5

Will my rate be higher because I'm self-employed?

Accepted Answer

Non-QM rates run 0.50-2.00% above conventional loans. The self-employment documentation doesn't change that—credit and down payment matter more.

1099 Loans vs Bank Statement Loans in Half Moon Bay: Which Fits Your Self-Employed Income?