Question 1

Do I need both personal and business bank statements?

Accepted Answer

Usually just one type is required. Your broker will run both scenarios to see which account produces better qualifying income.

Question 2

How do lenders calculate my income from statements?

Accepted Answer

They total your deposits and apply an expense ratio — often 40–50% for business accounts. Personal deposits are typically counted at full value.

Question 3

Can I use a bank statement loan for a purchase in Sonora?

Accepted Answer

Yes. These loans work for purchases and refinances. Property type and loan amount will affect which lenders are available.

Question 4

Will my rate be higher than a conventional loan?

Accepted Answer

Yes, non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions — but the ability to qualify often outweighs the rate difference.

Question 5

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average the full 12 or 24 months. Large gaps or NSF activity will raise flags — clean up the account before applying.

Bank Statement Loans for Self-Employed Buyers in Sonora