Question 1

Can I use personal bank statements instead of business ones?

Accepted Answer

Yes. Many lenders accept personal statements. Deposits need to be consistent and sourced from your business activity.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years. Some accept one year with strong compensating factors like a high credit score or large reserves.

Question 3

How is my income calculated from bank statements?

Accepted Answer

Lenders average your monthly deposits over 12 or 24 months. Business accounts also apply an expense ratio to estimate net income.

Question 4

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions.

Question 5

Can I buy in Santee with less than 20% down?

Accepted Answer

Some lenders go down to 10%. Expect a higher rate and stricter credit requirements at lower down payment tiers.

Bank Statement Loans for Santee's Self-Employed Borrowers