Question 1

Can a Corcoran farmer use a bank statement loan?

Accepted Answer

Yes, if you operate as a self-employed business owner. Lenders will average your deposit history to determine qualifying income.

Question 2

Do I need both personal and business statements?

Accepted Answer

It depends on the lender. Some require both. Others accept one or the other — your broker will match you to the right program.

Question 3

How does seasonal farm income affect my qualification?

Accepted Answer

A 24-month average smooths out seasonal swings. It usually produces a stronger qualifying income than a 12-month snapshot.

Question 4

Are rates higher than conventional loans?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional products. Rates vary by borrower profile and market conditions.

Question 5

What if I have large one-time deposits in my statements?

Accepted Answer

Lenders may exclude them or ask for explanation. Irregular large deposits can skew your average and raise underwriting flags.

Bank Statement Loans for Corcoran's Self-Employed Borrowers