Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, many lenders accept personal statements. Business statements typically require an expense ratio reduction to estimate net income.

Question 2

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders require two years of self-employment. Some will consider 12 months with strong deposit history and prior industry experience.

Question 3

Do bank statement loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.

Question 4

Can I buy investment property in Lathrop with this loan?

Accepted Answer

Yes. Bank statement loans can be used for primary homes, second homes, and investment properties. Terms differ by property type.

Question 5

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average your deposits over 12 or 24 months. Some months lower, some higher — the average is what qualifies you.

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