Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Most lenders accept business statements but apply an expense factor — often 50% — to your deposits. Personal statements typically count at a higher percentage.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders require at least 2 years self-employed. Some will consider 12 months with strong deposit history and the right documentation.

Question 3

Will my rural Susanville property qualify?

Accepted Answer

It depends on the lender. Acreage properties and non-standard homes narrow your pool. We screen lenders for both the loan program and the property type.

Question 4

How do lenders calculate my income from statements?

Accepted Answer

They average your monthly deposits over 12 or 24 months. Business accounts typically get an expense ratio applied before that average is used.

Question 5

Are bank statement loan rates much higher than conventional?

Accepted Answer

Expect a premium over conventional rates. The spread varies by lender and your credit profile. Rates vary by borrower profile and market conditions.

Bank Statement Loans for Susanville's Self-Employed