Question 1

Can I use personal bank statements instead of business ones?

Accepted Answer

Yes. Personal statements work if your income deposits there consistently. Business statements require backing out operating expenses first.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders require 2 years. Some accept 12 months with strong deposits and a history in the same field.

Question 3

How do lenders calculate my income from statements?

Accepted Answer

They average monthly deposits over 12 or 24 months. Business accounts typically apply a 50% expense factor to those deposits.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes. Expect a premium over conventional rates. Rates vary by borrower profile and market conditions.

Question 5

Can I buy rural property in Rio Dell with this loan?

Accepted Answer

Yes, but the property must meet lender guidelines. Some non-QM lenders have acreage limits or exclude certain rural property types.

Bank Statement Loans for Rio Dell's Self-Employed Borrowers