Question 1

Can I use personal bank statements if I run my business through that account?

Accepted Answer

Yes, most lenders accept personal statements if business deposits run through them. They'll exclude non-income deposits like transfers or loan proceeds during underwriting.

Question 2

What if my deposits vary wildly month to month due to harvest cycles?

Accepted Answer

Request 24-month averaging instead of 12. Longer lookback periods smooth seasonal swings and produce higher qualifying income for ag-based businesses.

Question 3

Do all lenders count the same percentage of deposits as income?

Accepted Answer

No. Some use 50%, others go up to 75% depending on expense factors and account type. A broker can shop lenders to find the highest income calculation.

Question 4

How much does a bank statement loan cost compared to conventional?

Accepted Answer

Expect rates 0.5-2% higher as of February 2026. Exact pricing depends on credit score, down payment, and which lender you choose. Rates vary by borrower profile and market conditions.

Question 5

Can I qualify if I've only been self-employed for 18 months?

Accepted Answer

You need 12-24 months of statements, but self-employment duration matters less than deposit consistency. Strong credit and larger down payments offset shorter business history.

Question 6

What kills bank statement loan applications in Westmorland?

Accepted Answer

Messy accounts with unexplained deposits, insufficient seasoning on down payment funds, or gaps in statement history. Lenders need clean, consecutive months of documentation.

Bank Statement Loans in Westmorland — Income Proof for the Self-Employed