Question 1

How does a bank statement loan calculate my income?

Accepted Answer

Lenders average your monthly deposits over 12 or 24 months. Business accounts typically apply an expense ratio before calculating qualifying income.

Question 2

Can I use both personal and business accounts?

Accepted Answer

Yes, but not together on the same calculation. Lenders pick one account type and apply the appropriate method consistently.

Question 3

Are bank statement loan rates higher than conventional rates?

Accepted Answer

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

Question 4

Do seasonal wine industry income patterns hurt my file?

Accepted Answer

Not necessarily. Using 24 months of statements averages out the slow season. More months usually means a more accurate and favorable income calculation.

Question 5

What credit score do I need for a bank statement loan in Sonoma?

Accepted Answer

Most lenders want 660 or higher, though some go lower with stronger compensating factors. A higher score gets you better pricing on non-QM products.

Question 6

How long does it take to close a bank statement loan?

Accepted Answer

Expect 30–45 days. Non-QM underwriting is manual and takes longer than automated conventional reviews.

Bank Statement Loans for Self-Employed Buyers in Sonoma