Question 1

Can I use both 1099 and bank statement income together?

Accepted Answer

Some lenders allow it but most pick one method. Mixing documentation types complicates underwriting and rarely improves your qualifying amount.

Question 2

Which option has lower rates in Solvang?

Accepted Answer

1099 loans typically price better because they use tax-verified income. Bank statement loans carry higher risk pricing. Rates vary by borrower profile and market conditions.

Question 3

How far back do I need bank statements?

Accepted Answer

Most programs require 12 or 24 consecutive months. You can't skip months or switch accounts mid-stream.

Question 4

Do 1099 loans work for gig economy workers?

Accepted Answer

Yes, if you have consistent 1099 income over two years. Rideshare and delivery drivers often qualify if earnings stay steady.

Question 5

Can I avoid showing tax returns with a 1099 loan?

Accepted Answer

No. 1099 loans require full tax returns to verify the income shown on your 1099 forms.

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