Question 1

Can I use business account statements instead of personal?

Accepted Answer

Yes, but lenders apply expense factors to business accounts—usually 50% of deposits count as income. Personal accounts with business deposits often qualify you for more.

Question 2

What if I have multiple bank accounts?

Accepted Answer

You can combine statements from multiple accounts. Lenders total deposits across all accounts to calculate qualifying income.

Question 3

How long does bank statement loan underwriting take?

Accepted Answer

Expect 30-45 days from application to closing. Longer than conventional because underwriters manually review every deposit and withdrawal pattern.

Question 4

Do large one-time deposits disqualify me?

Accepted Answer

Not automatically, but you must document their source. Unexplained deposits trigger fraud reviews that delay or kill approvals.

Question 5

Can I refinance with bank statements?

Accepted Answer

Yes, rate-and-term refinances work the same as purchases. Cash-out refinances require 20% equity and stronger credit profiles.

Bank Statement Loans in Pacific Grove: Income Verification for Self-Employed Borrowers