Question 1

How far back do my bank statements need to go?

Accepted Answer

Most lenders require 12 months. Some will use 24 months if it shows stronger income trends. Personal and business accounts both count.

Question 2

What if I have multiple bank accounts?

Accepted Answer

Provide all accounts where business income gets deposited. Lenders will combine them to calculate your total qualifying income.

Question 3

Do large one-time deposits hurt my application?

Accepted Answer

Yes. Underwriters remove irregular deposits like insurance payouts or loan proceeds. They want recurring business revenue, not windfalls.

Question 4

Can I qualify if I just started my business?

Accepted Answer

You need at least 12 months of statements showing business activity. New businesses without that history won't qualify yet.

Question 5

How much higher are the interest rates?

Accepted Answer

Expect 1-2% above conventional rates. Lower credit scores or higher loan amounts push rates toward the upper end of that range.

Bank Statement Loans in Montague: Income Verification for Self-Employed Borrowers