Question 1

Can I use both personal and business bank statements?

Accepted Answer

Yes. Business accounts get an expense ratio applied — usually 40 to 50 percent. Personal accounts are credited at full deposit value.

Question 2

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

Accepted Answer

Most lenders start at 620. Better rates kick in around 680. Higher scores mean more lender options and lower pricing.

Question 3

How is my income calculated from bank statements?

Accepted Answer

Lenders average your monthly deposits over 12 or 24 months. They subtract an expense factor on business accounts to estimate net income.

Question 4

Are bank statement loans more expensive than conventional loans?

Accepted Answer

Yes. Non-QM rates run higher than conventional. The gap depends on your credit score, down payment, and deposit history. Rates vary by borrower profile and market conditions.

Question 5

How much do I need to put down in Fresno County?

Accepted Answer

Expect 10 percent minimum, and 20 percent for better pricing. Some lenders require more depending on credit and loan size.

Question 6

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average all months equally. Gaps or slow months pull your qualifying income down. Consistent deposits are the single biggest factor.

Bank Statement Loans for Self-Employed Buyers in Clovis