Question 1

Do I need to be self-employed to get a bank statement loan?

Accepted Answer

Yes. These loans are designed for self-employed borrowers. W-2 employees must use conventional income documentation.

Question 2

How long do I need to be self-employed?

Accepted Answer

Most lenders require 2 years of self-employment history. Some programs accept 1 year with strong deposits and a 700+ score.

Question 3

Can I use a business bank account?

Accepted Answer

Yes. Lenders apply an expense ratio — often 50% — to business deposits. Personal accounts count at 100%.

Question 4

What credit score do I need in Madera?

Accepted Answer

Most non-QM lenders start at 620. Better scores get lower rates. Rates vary by borrower profile and market conditions.

Question 5

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes, typically. Non-QM programs carry more lender risk. Rates vary by borrower profile and market conditions.

Question 6

Can I buy agricultural or rural property with this loan?

Accepted Answer

Some non-QM lenders allow rural properties. Acreage limits vary by program. We check each lender's property guidelines upfront.

Bank Statement Loans in Madera, CA