Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Most lenders accept business statements. They apply an expense ratio — typically 50% — to estimate your net income.

Question 2

Do bank statement loans cost more than conventional?

Accepted Answer

Yes. Rates run higher because these are non-QM loans. Rates vary by borrower profile and market conditions.

Question 3

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some require 24 months for a better income average or higher loan amounts.

Question 4

Can I buy in Chico with this loan if I write off a lot?

Accepted Answer

Yes — that's exactly what this loan is designed for. Your tax return write-offs don't count against you here.

Question 5

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

Accepted Answer

Most lenders want 620 or higher. Better credit means better rates and more lender options available to you.

Question 6

Is this loan available for investment properties in Chico?

Accepted Answer

Some lenders allow it, but a DSCR loan is usually a cleaner fit for investment properties. We can compare both.

Bank Statement Loans for Chico's Self-Employed Buyers