Question 1

Can I use a business bank account to qualify?

Accepted Answer

Yes, but lenders apply an expense ratio — typically 50%. Personal accounts are often counted at a higher rate.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years. Some allow one year with strong compensating factors like high credit or large reserves.

Question 3

How much higher are rates than conventional loans?

Accepted Answer

Rates are higher on non-QM products. Rates vary by borrower profile and market conditions — get quotes from multiple lenders.

Question 4

Can I buy a primary home with this loan in El Centro?

Accepted Answer

Yes. Bank statement loans cover primary residences, second homes, and investment properties.

Question 5

What if my deposits are seasonal or irregular?

Accepted Answer

Lenders average 12 or 24 months of deposits. Seasonal income works — 24-month averaging smooths out slow months.

Question 6

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

Accepted Answer

It takes longer to underwrite. Have clean, organized statements ready. Missing pages or transfers cause delays.

Bank Statement Loans for El Centro's Self-Employed