Question 1

Do I need to be incorporated to use a bank statement loan?

Accepted Answer

No. Sole proprietors, LLC owners, and S-corp shareholders all qualify. The key is showing consistent deposit history over 12 to 24 months.

Question 2

Can I use both personal and business accounts?

Accepted Answer

Yes, but lenders apply different income calculations to each. A broker can model both to find your highest qualifying income.

Question 3

How do agricultural income cycles affect qualification?

Accepted Answer

Seasonal income is common in Greenfield. Lenders average deposits across the full statement period, which smooths out seasonal dips.

Question 4

Are bank statement loan rates higher than conventional rates?

Accepted Answer

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

Question 5

What credit score do I need in Monterey County?

Accepted Answer

Most lenders start at 620. Stronger scores above 700 open up better rates and lower down payment requirements.

Question 6

How long does the bank statement loan process take?

Accepted Answer

Expect 21 to 30 days for most closings. Having 24 months of clean statements ready upfront speeds up underwriting significantly.

Bank Statement Loans for Greenfield's Self-Employed