Question 1

Do I need 24 months of bank statements?

Accepted Answer

Some lenders accept 12 months. Twelve months gives less income history, so rates are usually slightly higher. Twenty-four months is the stronger option.

Question 2

Can I use business bank statements?

Accepted Answer

Yes. Lenders apply an expense ratio — typically around 50% — to business deposits. Personal statements are counted at a higher percentage.

Question 3

What credit score do I need in Rialto?

Accepted Answer

Most non-QM lenders want 620 to 660 minimum. A score above 700 unlocks better rates and lower down payment requirements.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes, typically by 1 to 2 points or more. Non-QM carries more risk for lenders. Rates vary by borrower profile and market conditions.

Question 5

How long do I need to be self-employed?

Accepted Answer

Most lenders require at least two years of self-employment. A CPA letter confirming your business is active for two years helps.

Question 6

Can a bank statement loan be used for investment property in Rialto?

Accepted Answer

Yes, but a DSCR loan is usually a better fit for rentals. Bank statement loans work best for primary or second home purchases.

Bank Statement Loans for Rialto's Self-Employed