Question 1

Can I use personal bank statements instead of business ones?

Accepted Answer

Yes. Many lenders accept personal statements. Business accounts may have an expense factor applied that reduces your qualifying income.

Question 2

Do bank statement loans cost more than conventional loans?

Accepted Answer

Yes, rates run higher than conventional. You're paying for flexibility. Rates vary by borrower profile and market conditions.

Question 3

Will lenders finance rural properties in Alpine County?

Accepted Answer

Some will, some won't. Rural and seasonal properties face tighter collateral rules with non-QM lenders. Broker access matters here.

Question 4

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders want two years of self-employment history. Some accept 12 months with strong bank statement income.

Question 5

What credit score do I need for a bank statement loan?

Accepted Answer

Most lenders require 620 minimum. Higher scores get better rates and more lender options.

Bank Statement Loans in Markleeville, CA