Question 1

Can I use personal bank statements if I have a business account?

Accepted Answer

Yes. Most lenders accept personal or business statements. Personal deposits are easier to document without an expense ratio calculation.

Question 2

Does my credit score need to be perfect?

Accepted Answer

No. Most bank statement programs start at 640. Some lenders go lower with a larger down payment.

Question 3

How do lenders calculate my income from statements?

Accepted Answer

They average your monthly deposits over 12 or 24 months. Business accounts typically apply an expense ratio — often 50-75% — to estimate net income.

Question 4

Will my tax write-offs hurt me on this loan?

Accepted Answer

No — that's the point of this product. Lenders look at actual deposits, not taxable income after deductions.

Question 5

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM products carry more risk for lenders, so rates run higher. Rates vary by borrower profile and market conditions.

Question 6

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

Accepted Answer

Most close in 21-30 days with a complete file. Getting your statements organized before applying speeds things up significantly.

Bank Statement Loans for Red Bluff's Self-Employed Buyers