Question 1

Can I use both business and personal bank statements?

Accepted Answer

Yes, most lenders accept either business or personal statements. Business accounts typically show higher gross deposits but may require expense ratio deductions of 25-50%.

Question 2

What if I only have 10 months of statements available?

Accepted Answer

Most programs require 12 months minimum, though a few lenders accept 9-11 months with compensating factors like larger down payments or higher credit scores.

Question 3

Do cryptocurrency deposits count as income?

Accepted Answer

Only if converted to USD and deposited in the bank account being analyzed. Direct crypto holdings don't qualify as bank statement income under current guidelines.

Question 4

How do lenders handle seasonal business income?

Accepted Answer

They average deposits across the full 12 or 24 month period. Seasonal patterns are acceptable as long as the overall average supports your debt ratios.

Question 5

Are rates higher than conventional mortgages?

Accepted Answer

Yes, expect rates 1.5-3% above conforming loans. Rates vary by borrower profile and market conditions based on credit score, LTV, and reserves.

Bank Statement Loans in Lafayette: Income Verification Without Tax Returns