Question 1

Do I need business bank statements or personal?

Accepted Answer

Either can work. Lenders apply an expense factor to business deposits. Personal statements show net income directly with no reduction.

Question 2

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs use 24 months to smooth out seasonal income swings.

Question 3

Can I use this loan for a property in rural Siskiyou County?

Accepted Answer

Yes. Property eligibility depends on the lender and appraisal, not the loan type. Rural properties are generally eligible.

Question 4

Are bank statement loan rates higher than conventional rates?

Accepted Answer

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

Question 5

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average deposits over 12 or 24 months. Seasonal income is fine as long as the overall average supports your payment.

Question 6

Can I buy a primary home or just investment properties?

Accepted Answer

Bank statement loans work for primary residences, second homes, and investment properties. Each has slightly different requirements.

Bank Statement Loans for Yreka's Self-Employed Borrowers