Question 1

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. 24 months gives you more options and can improve qualifying income calculations.

Question 2

Can I use business bank statements?

Accepted Answer

Yes. Lenders apply an expense factor — usually around 50% — to business deposits. Personal statements often yield higher qualifying income.

Question 3

Do bank statement loans cost more than conventional loans?

Accepted Answer

Yes. Rates are higher on non-QM products. Rates vary by borrower profile and market conditions.

Question 4

Do I need to have been self-employed for a certain time?

Accepted Answer

Most lenders want 2 years of self-employment. Some will consider 1 year with strong compensating factors.

Question 5

Can I buy in Hesperia with 10% down on a bank statement loan?

Accepted Answer

Some lenders go as low as 10% down. Expect tighter credit score requirements and higher rates at that tier.

Bank Statement Loans for Hesperia's Self-Employed