Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Most lenders accept personal statements. Business statements often require a 50% expense factor applied to deposits.

Question 2

How long must I be self-employed to qualify?

Accepted Answer

Most lenders require 2 years of self-employment history. Some non-QM lenders allow 1 year with strong deposits.

Question 3

What credit score do I need in Calimesa?

Accepted Answer

Most bank statement lenders want 680 or higher. Some go to 640 but rates climb sharply below 680. Rates vary by borrower profile.

Question 4

Can I buy a primary home in Calimesa with this loan?

Accepted Answer

Yes. Bank statement loans cover primary homes, second homes, and investment properties. No restriction on property type.

Question 5

How is my income calculated from bank statements?

Accepted Answer

Lenders average your monthly deposits over 12 or 24 months. Business accounts typically apply an expense factor of 50%.

Question 6

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes, non-QM rates run higher than conventional. The tradeoff is qualifying on actual cash flow, not taxable income. Rates vary by borrower profile and market conditions.

Bank Statement Loans for Self-Employed Buyers in Calimesa