Question 1

How many months of statements do I need?

Accepted Answer

Most lenders want 12 or 24 months. The longer the history, the stronger your file.

Question 2

Can I use my business account statements?

Accepted Answer

Yes, but lenders apply an expense factor — often 50%. Personal statements may show higher qualifying income.

Question 3

What credit score do I need in Lompoc?

Accepted Answer

Most bank statement programs start at 640. Better scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

Do large cash deposits hurt my application?

Accepted Answer

Unexplained large deposits raise flags. Lenders want consistent, business-sourced deposits they can document.

Question 5

Are these loans only for purchase — or refinance too?

Accepted Answer

Both. Bank statement loans work for purchase and cash-out refinance in Santa Barbara County.

Bank Statement Loans for Lompoc's Self-Employed Borrowers