Question 1

Can I use business bank statements in Arroyo Grande?

Accepted Answer

Yes, but lenders apply a 50% expense ratio. Personal statements often produce a higher qualifying income.

Question 2

How many months of statements do I need?

Accepted Answer

Most programs require 12 months minimum. Seasonal earners usually need 24 months to show a full income picture.

Question 3

Are bank statement loan rates higher than conventional?

Accepted Answer

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

Question 4

What credit score do I need to qualify?

Accepted Answer

Most bank statement lenders want 660 or higher. Some programs go lower, but expect a higher rate and more down payment.

Question 5

Can I buy investment property with a bank statement loan?

Accepted Answer

Yes. Some lenders offer bank statement programs for investment properties, though a DSCR loan may be a better fit.

Question 6

Do I need to be self-employed to use this loan?

Accepted Answer

Yes. Bank statement loans are designed for self-employed borrowers. W-2 employees should use conventional or FHA instead.

Bank Statement Loans in Arroyo Grande, CA