Question 1

Can I use business bank statements?

Accepted Answer

Yes. Lenders apply an expense factor — typically 50% — to business deposits. Personal statements use a higher income figure.

Question 2

How long does this loan take to close?

Accepted Answer

Most bank statement loans close in 21–30 days. Have your statements ready upfront to avoid delays.

Question 3

Do I need to be self-employed for 2 years?

Accepted Answer

Most lenders require 2 years of self-employment history. A CPA letter confirming your business status helps.

Question 4

Is the rate higher than a conventional loan?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 5

Can I refinance using bank statements?

Accepted Answer

Absolutely. Rate-and-term and cash-out refinances are both available under bank statement programs.

Bank Statement Loans for Scotts Valley's Self-Employed