Question 1

Can I use business bank statements in Waterford?

Accepted Answer

Yes, but lenders apply an expense factor — often 50%. Personal statements may yield a higher qualifying income.

Question 2

How long do I need to be self-employed?

Accepted Answer

Most lenders require 2 years of self-employment. A business license or CPA letter typically confirms this.

Question 3

Do bank statement loans cost more than conventional?

Accepted Answer

Yes. Rates run higher than conventional loans. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need in Stanislaus County?

Accepted Answer

Most bank statement lenders want 640 or higher. Stronger scores unlock better pricing and lower down payment options.

Question 5

Can I use this loan for a rental property in Waterford?

Accepted Answer

Bank statement loans can cover investment properties. For rentals, a DSCR loan may price out better — worth comparing both.

Question 6

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average deposits over 12 or 24 months. Gaps or large one-time deposits can complicate the income calculation.

Bank Statement Loans for Waterford's Self-Employed