Question 1

Do I need 12 or 24 months of bank statements?

Accepted Answer

It depends on the lender. Most accept 12 months. Some require 24 for business accounts.

Question 2

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Most lenders accept both. Business statements typically apply an expense ratio to calculate qualifying income.

Question 3

Will my tax write-offs hurt my approval?

Accepted Answer

Not with this loan. Lenders ignore your tax returns entirely. Deposits drive the income calculation.

Question 4

How much down payment do I need in Redlands?

Accepted Answer

Most bank statement lenders require 10 to 20 percent down. Stronger credit scores may allow lower down payments.

Question 5

Are bank statement loan rates higher than FHA or conventional?

Accepted Answer

Yes. Non-QM loans carry a rate premium. Rates vary by borrower profile and market conditions.

Question 6

What if I have large irregular deposits?

Accepted Answer

Document the source. Lenders will flag them. Unexplained large deposits can reduce your qualifying income.

Bank Statement Loans in Redlands, CA for the Self-Employed