Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Most lenders accept both. Business statements typically apply a 50% expense factor to deposits. Personal statements often count at 100%.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years. Some allow one year with strong compensating factors like a large down payment or high credit score.

Question 3

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes, typically. Non-QM pricing reflects higher lender risk. Rates vary by borrower profile and market conditions.

Question 4

Can I buy a home in Lindsay with this loan?

Accepted Answer

Yes. Bank statement loans work for primary homes, second homes, and investment properties. Lindsay is an eligible area.

Question 5

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some want 24 months. More history usually means better terms.

Question 6

What if my deposits are irregular month to month?

Accepted Answer

Lenders average your deposits over the full statement period. Seasonal income common in ag areas is generally acceptable.

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