Question 1

Can I use both 1099s and bank statements together?

Accepted Answer

No, lenders use one method or the other. You pick the documentation path that shows your income best. We compare both to find your highest qualifying amount.

Question 2

Do I need two years of self-employment history for either option?

Accepted Answer

Most programs require two years in the same business or industry. Some bank statement lenders accept 12 months if deposits are strong and consistent.

Question 3

Which option gets better rates in Exeter right now?

Accepted Answer

Rates vary by borrower profile and market conditions. 1099 loans typically price slightly lower due to simpler underwriting, but your credit and down payment matter more than loan type.

Question 4

Can I qualify with 1099 income from multiple clients?

Accepted Answer

Yes, as long as the income is in the same field and shows consistency. Lenders combine all your 1099s to calculate total qualifying income.

Question 5

What if my bank statements show large irregular deposits?

Accepted Answer

Lenders average deposits over 12 or 24 months to smooth out fluctuations. One-time windfalls get excluded from income calculations to ensure sustainable qualifying amounts.

1099 Loans vs Bank Statement Loans in Exeter: Which Fits Your Self-Employed Income?