Question 1

Can I use a business bank account for this loan?

Accepted Answer

Yes. Most lenders apply a 50% expense factor to business deposits. Personal accounts typically produce a higher qualifying income figure.

Question 2

Do I need to be self-employed to get a bank statement loan?

Accepted Answer

Yes. These loans are designed for self-employed borrowers. W-2 employees should use conventional or FHA income documentation instead.

Question 3

How many months of statements do I need?

Accepted Answer

Lenders require 12 to 24 months. Twenty-four months is standard for most non-QM programs and often produces a higher qualifying income.

Question 4

Are rates higher than conventional loans?

Accepted Answer

Yes, non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions — your credit score and down payment matter most.

Question 5

Can I buy rural or agricultural land with this loan?

Accepted Answer

Some non-QM lenders restrict acreage or rural property types. We verify lender property guidelines before submitting your file.

Question 6

What credit score do I need in Siskiyou County?

Accepted Answer

Most bank statement programs start at 660. Some lenders go lower with a larger down payment. Stronger scores get meaningfully better pricing.

Bank Statement Loans for Self-Employed Buyers in Dorris, CA