Question 1

Do I need two years of self-employment history?

Accepted Answer

Most lenders require at least 2 years self-employed. Some will accept 1 year with strong deposits and a solid credit profile.

Question 2

Can I use a business bank account?

Accepted Answer

Yes. Business accounts are accepted, but lenders typically count 50% of deposits as income to account for expenses.

Question 3

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 4

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Providing 24 months can improve your qualifying income average.

Question 5

Can I buy a primary home or only investment property?

Accepted Answer

Bank statement loans work for primary residences, second homes, and investment properties. Primary homes are the most common use.

Bank Statement Loans in Sutter Creek, CA