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. You typically need a 2-year self-employment history and an active business.

Question 2

Can I use my business bank account instead of personal?

Accepted Answer

Yes. Business statements are common — lenders apply an expense ratio to the deposits. Personal statements are used as-is without that reduction.

Question 3

How much can I borrow in Monterey County?

Accepted Answer

Bank statement loans are non-QM, so conforming limits don't apply. Loan amounts depend on your income, down payment, and lender guidelines.

Question 4

Will my tax write-offs hurt me on this loan?

Accepted Answer

No — that's the point. Lenders use your bank deposits, not your taxable income. Write-offs don't reduce your qualifying income here.

Question 5

How do rates compare to a conventional loan?

Accepted Answer

Bank statement loans carry higher rates than conventional. The trade-off is access to financing that a conventional loan would deny. Rates vary by borrower profile and market conditions.

Question 6

How far back do my bank statements need to go?

Accepted Answer

Most lenders require 12 or 24 months. The longer the history, the stronger your file — especially if income has grown over time.

Bank Statement Loans in Gonzales, CA for Self-Employed Borrowers