Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Many lenders accept business statements. They apply an expense ratio to estimate net income, so keep that in mind.

Question 2

How many months of statements do I need?

Accepted Answer

Most lenders require 12 or 24 months. Longer history usually means stronger qualification.

Question 3

What credit score do I need for a bank statement loan?

Accepted Answer

Most programs start at 620. Better rates kick in above 680 or 700, depending on the lender.

Question 4

Are rates higher than conventional loans?

Accepted Answer

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

Question 5

Can I buy in Santa Maria with seasonal income?

Accepted Answer

Yes. Some non-QM lenders understand seasonal deposit patterns. The right lender matters more than the program name.

Question 6

Do large cash deposits hurt my application?

Accepted Answer

They can. Lenders may exclude irregular or undocumented deposits. Consistent monthly deposits tell a cleaner story.

Bank Statement Loans in Santa Maria, CA