Question 1

Do I need both personal and business bank statements?

Accepted Answer

Most lenders want one or the other, not both. Business statements get an expense factor applied. Personal statements are used at full deposit value.

Question 2

How many months of statements do I need?

Accepted Answer

Minimum is usually 12 months. Submitting 24 months strengthens your file and can improve your qualifying income average.

Question 3

Can I use this loan to buy in Fortuna with 10% down?

Accepted Answer

Yes, some lenders allow 10% down. Expect higher rates at that tier. Twenty percent down typically opens better pricing. Rates vary by borrower profile and market conditions.

Question 4

Will large irregular deposits hurt my application?

Accepted Answer

They can. Lenders look for consistent monthly cash flow. One-time large transfers or non-business deposits may be excluded from your income calculation.

Question 5

Is a bank statement loan harder to get than a conventional loan?

Accepted Answer

The documentation is different, not necessarily harder. If you're self-employed with write-offs, this loan may actually be easier to qualify for than conventional.

Question 6

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

Accepted Answer

Most non-QM lenders want at least 620–680. Higher scores get meaningfully better rates. Rates vary by borrower profile and market conditions.

Bank Statement Loans for Fortuna's Self-Employed Borrowers