Question 1

What deposits count as income on bank statement loans?

Accepted Answer

Business revenue deposits count. Personal transfers, loan proceeds, and credit card cash advances don't qualify as income under most lender guidelines.

Question 2

Can I use personal bank statements instead of business accounts?

Accepted Answer

Yes, if you operate as a sole proprietor without a separate business account. Lenders typically count 50% of deposits as qualifying income in this scenario.

Question 3

How much down payment do I need in Maricopa?

Accepted Answer

Expect 10-15% down for primary residences under $500K. Investment properties and higher loan amounts often require 20-25% down depending on credit score.

Question 4

Do all my bank accounts need to be reviewed?

Accepted Answer

Underwriters review accounts used for income calculation plus any accounts funding your down payment. Other accounts can remain private.

Question 5

How long does underwriting take for bank statement loans?

Accepted Answer

Clean documentation closes in 30 days. Messy statements with unexplained deposits or mixed personal transfers can push timelines to 45-60 days.

Bank Statement Loans in Maricopa: Income Verification for Self-Employed Borrowers