Question 1

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 months minimum. Some programs require 24 months for higher loan amounts or lower credit scores.

Question 2

Can I use business bank statements in Rio Vista?

Accepted Answer

Yes. Business statements work, but lenders typically count only 50% of deposits as income. Personal accounts usually count at 100%.

Question 3

Do bank statement loans cost more than conventional loans?

Accepted Answer

Rates are higher than conventional. You're trading documentation flexibility for a rate premium. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need to qualify?

Accepted Answer

Minimums vary by lender. Most non-QM programs start around 620 to 640. Better scores get better pricing.

Question 5

Can I use this loan to buy a Delta property or rural parcel?

Accepted Answer

Some lenders restrict non-QM on rural or mixed-use properties. Confirm with your broker before making an offer.

Question 6

How is qualifying income calculated from my statements?

Accepted Answer

Lenders average your monthly deposits over 12 or 24 months. Large one-time transfers are usually excluded from the calculation.

Bank Statement Loans for Self-Employed Buyers in Rio Vista