Question 1

Do I need a business license to qualify?

Accepted Answer

Most lenders require proof of self-employment — a business license, CPA letter, or business registration works. Two years of self-employment history is standard.

Question 2

Can I use both personal and business bank accounts?

Accepted Answer

Yes, many lenders allow a blend of both. Business accounts require an expense factor applied to deposits, which reduces qualifying income.

Question 3

How is my income calculated from bank statements?

Accepted Answer

Lenders average your monthly deposits over 12 or 24 months. Large one-time deposits are often excluded from the calculation.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes — non-QM products carry a rate premium over conventional loans. Rates vary by borrower profile and market conditions.

Question 5

How much can I put down in Chowchilla with this loan?

Accepted Answer

Most bank statement programs require at least 10% down. Putting down 20% or more typically improves your rate and removes mortgage insurance requirements.

Question 6

What if my deposits are irregular month to month?

Accepted Answer

Irregular deposits aren't a dealbreaker, but they reduce your average qualifying income. Seasonal businesses are common — lenders understand that pattern.

Bank Statement Loans in Chowchilla, CA