Question 1

How many months of bank statements do I need?

Accepted Answer

Most programs accept 12 months. Lenders prefer 24 months — it shows income stability and can improve your qualifying average.

Question 2

Can I use both personal and business accounts?

Accepted Answer

Yes. Business accounts usually get a lower expense deduction, which increases your qualifying income. Use them when available.

Question 3

Do bank statement loans have higher rates than conventional loans?

Accepted Answer

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

Question 4

How long do I need to be self-employed?

Accepted Answer

Most lenders require a 2-year self-employment history. A business license or CPA letter may be required to verify it.

Question 5

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

Accepted Answer

Yes, some lenders allow 10% down. Strong credit and consistent deposits improve your shot at that minimum.

Question 6

What disqualifies a deposit from being counted?

Accepted Answer

Transfers from other personal accounts, large one-time deposits, and undocumented cash deposits are typically excluded by underwriters.

Bank Statement Loans for Self-Employed Buyers in Upland