Question 1

Can I use business bank statements to qualify?

Accepted Answer

Yes, but lenders apply an expense ratio — often 50%. Personal statements may produce a higher qualifying income for some borrowers.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders require at least two years of self-employment. Some will approve with 12 months if your CPA letter supports it.

Question 3

How does seasonal farm income affect my approval?

Accepted Answer

Lenders average your deposits over 12 or 24 months. A longer window smooths out seasonal swings and usually produces a stronger qualifying income.

Question 4

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

Accepted Answer

Most lenders want 660 or higher. Some go lower, but rates increase sharply below that threshold.

Question 5

Are bank statement loan rates higher than conventional rates?

Accepted Answer

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

Question 6

Can I use this loan for a purchase in Exeter or only a refinance?

Accepted Answer

Both. Bank statement loans are available for purchases and refinances. Property type and down payment affect which lenders will participate.

Bank Statement Loans in Exeter, CA for the Self-Employed