Question 1

Can I use personal bank statements instead of business statements?

Accepted Answer

Yes. Many lenders accept personal statements. Business statements may allow a higher income calculation depending on your expense ratio.

Question 2

Do bank statement loans have higher rates than conventional loans?

Accepted Answer

Yes, typically. Non-QM pricing reflects higher lender risk. Rates vary by borrower profile and market conditions.

Question 3

How does the lender calculate my income from statements?

Accepted Answer

They average your monthly deposits over 12 or 24 months. Business accounts usually apply an expense ratio — often 50% or less counts as income.

Question 4

Can I use this loan to buy in rural Humboldt County?

Accepted Answer

Most non-QM lenders will lend in Arcata and surrounding Humboldt County. Rural property type and acreage may affect eligibility.

Question 5

How much do I need for a down payment in Arcata?

Accepted Answer

Most bank statement programs start at 10% down. Lower credit scores or higher loan amounts usually require more down.

Bank Statement Loans in Arcata, CA for Self-Employed Borrowers