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. W-2 employees should use conventional or FHA programs instead.

Question 2

Can I use personal and business bank statements?

Accepted Answer

Yes, but lenders count them differently. Business accounts typically count 50% of deposits. Personal accounts count 100%.

Question 3

Are rates higher on bank statement loans?

Accepted Answer

Yes — expect rates above conventional. Non-QM carries more lender risk. Rates vary by borrower profile and market conditions.

Question 4

Can I buy a rural property in Plumas County with this loan?

Accepted Answer

Yes, but lender overlays apply. Some non-QM lenders cap LTV lower on rural properties. We shop across lenders to find the best fit.

Question 5

How long does approval take?

Accepted Answer

Non-QM underwriting typically takes longer than conventional. Budget 3 to 5 weeks from application to close.

Bank Statement Loans in Portola, CA