Question 1

Can I use business bank statements in Ceres?

Accepted Answer

Yes. Most lenders accept business statements. They apply an expense factor, typically 50%, to your deposits to calculate income.

Question 2

Do I need 12 or 24 months of statements?

Accepted Answer

12 months is the minimum most lenders accept. 24 months gives a fuller picture and may help if your income fluctuates.

Question 3

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

Accepted Answer

Most Non-QM lenders want 620 or higher. Better scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes, typically. Non-QM loans carry more lender risk. Rates vary by borrower profile and market conditions.

Question 5

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average the full 12 or 24 months. One slow month won't kill your file. A P&L loan may work better if deposits are very uneven.

Question 6

How is this different from a stated income loan?

Accepted Answer

You still prove income — just with bank statements, not tax returns. Stated income loans with no verification are no longer legal.

Bank Statement Loans for Self-Employed Buyers in Ceres