Question 1

Do I need to be incorporated to use a bank statement loan?

Accepted Answer

No. Sole proprietors qualify. You can use personal bank statements if your business income flows through your personal account.

Question 2

Can I use both personal and business bank statements?

Accepted Answer

Yes. Many lenders allow both. Business statements may require an expense ratio adjustment to estimate net income.

Question 3

How do lenders calculate income from my deposits?

Accepted Answer

They average monthly deposits over 12 or 24 months. Business accounts often apply an expense factor, typically 50-75% of deposits.

Question 4

Are bank statement loans available for investment properties in Live Oak?

Accepted Answer

Yes, but DSCR loans are usually a better fit for rentals. Bank statement loans work best for primary or second-home purchases.

Question 5

What credit score do I need in Sutter County?

Accepted Answer

Most lenders start at 620. Higher scores get better rates. Some programs go to 580 with a larger down payment.

Bank Statement Loans for Self-Employed Buyers in Live Oak