Question 1

Can I use my business bank statements to qualify?

Accepted Answer

Yes, but lenders apply an expense factor — often 50%. Personal statements are credited at full value, which sometimes produces a better qualifying income.

Question 2

How long do I need to be self-employed?

Accepted Answer

Most lenders require two years of self-employment. You'll need documentation like a business license or CPA letter to verify it.

Question 3

Is this loan available for Porterville properties?

Accepted Answer

Yes. Tulare County properties qualify. Loan minimums from some non-QM lenders may apply, so smaller purchase prices can limit options.

Question 4

What credit score do I need?

Accepted Answer

Most bank statement lenders want at least 660. Some programs go lower, but expect a higher rate and larger down payment requirement.

Question 5

How are bank statement loans different from stated income loans?

Accepted Answer

Stated income loans required no proof. Bank statement loans require actual deposit records. Lenders verify every statement you submit.

Question 6

Can I use this loan to buy a rental property in Porterville?

Accepted Answer

Possibly, but a DSCR loan is usually better for investment properties. Bank statement loans are built for primary or second home purchases.

Bank Statement Loans for Self-Employed Borrowers in Porterville