Question 1

Can I use a business bank account for this loan?

Accepted Answer

Yes. Lenders apply an expense factor, often 50%, to business deposits. Personal accounts typically yield higher qualifying income.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders require 2 years. Some accept 12 months with strong bank statement history and a solid credit profile.

Question 3

How is my income calculated from bank statements?

Accepted Answer

Lenders total your deposits over 12 or 24 months, then divide by months. Business accounts get discounted before that calculation.

Question 4

Is a bank statement loan harder to get in Marina?

Accepted Answer

Location isn't the barrier — your deposit consistency and credit score are. Marina borrowers qualify the same as anywhere in Monterey County.

Question 5

What credit score do I need for a bank statement loan?

Accepted Answer

Most lenders start at 620. Scores above 700 unlock better rates and lower down payment requirements.

Question 6

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Shopping multiple wholesale lenders narrows that gap significantly. Rates vary by borrower profile and market conditions.

Bank Statement Loans in Marina, CA for the Self-Employed