Question 1

Can I use business bank statements in Los Banos?

Accepted Answer

Yes. Lenders apply an expense factor, typically 50% to 75% of deposits. Personal statements often qualify you for more.

Question 2

Do I need 12 or 24 months of statements?

Accepted Answer

Most programs accept 12 months. Some lenders require 24 for stronger income averaging or lower rates.

Question 3

What credit score do I need for this loan?

Accepted Answer

Most non-QM lenders want 620 or higher. Scores above 700 unlock better rates and lower down payment options.

Question 4

Can seasonal farm income qualify for this loan?

Accepted Answer

It can, but irregular deposits raise questions. Consistent monthly deposits across 12 to 24 months make approval smoother.

Question 5

Are rates higher than conventional loans?

Accepted Answer

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

Question 6

How long do I need to be self-employed?

Accepted Answer

Most lenders require a 2-year history of self-employment. A business license or CPA letter helps document it.

Bank Statement Loans for Self-Employed Buyers in Los Banos