Question 1

Can I use business bank statements in Woodlake?

Accepted Answer

Yes, but lenders apply a 50% expense factor to business deposits. Personal statements use 100% of deposits toward qualifying income.

Question 2

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Some programs allow 24 months to smooth out income variation.

Question 3

Do I need to be incorporated to qualify?

Accepted Answer

No. Sole proprietors, LLCs, and S-corps all qualify. You just need to show two years of self-employment.

Question 4

Are rates much higher than a conventional loan?

Accepted Answer

Typically yes — expect a meaningful rate premium for flexible income docs. Rates vary by borrower profile and market conditions.

Question 5

Does farm income count for a bank statement loan?

Accepted Answer

Yes. Deposit-based income verification works well for Tulare County farmers. Consistent seasonal deposits strengthen your file.

Question 6

Can I use a bank statement loan to buy in Woodlake with 10% down?

Accepted Answer

Some lenders allow 10% down, but 20% is more common at competitive rates. Your credit score affects which options are available.

Bank Statement Loans for Self-Employed Buyers in Woodlake