Question 1

Can I use personal bank statements or only business accounts?

Accepted Answer

Either works. Personal accounts are common for sole proprietors. Business accounts work better if you have clean separation between business and personal expenses.

Question 2

What if my deposits vary significantly month to month?

Accepted Answer

Lenders average your deposits over 12 or 24 months. Seasonal businesses qualify fine. Unexplained one-time large deposits may be excluded from income calculation.

Question 3

Do I need to provide tax returns at all?

Accepted Answer

Most lenders still want to see returns but don't use them for income calculation. They verify you're filing and check for tax liens or major discrepancies.

Question 4

How much income will the lender count from my statements?

Accepted Answer

Typically 50-75% of average monthly deposits. The percentage depends on your business type and expense ratio. Higher percentage for lower-overhead businesses.

Question 5

Can I refinance with a bank statement loan in Beaumont?

Accepted Answer

Yes. Rate-and-term refinances work the same as purchases. Cash-out refinances allowed but may require larger equity position depending on lender.

Bank Statement Loans in Beaumont: Income Proof Without the Tax Returns