Question 1

Do I need to use a business bank account?

Accepted Answer

No — personal accounts work too. Business accounts require an expense factor adjustment, so the lender counts only a portion of deposits as income.

Question 2

Can I use just 12 months of statements?

Accepted Answer

Yes, some programs accept 12 months. Lenders typically offer better rates with 24 months because it shows more income history.

Question 3

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes, expect higher rates than a standard conventional loan. Rates vary by borrower profile and market conditions.

Question 4

What credit score do I need in Ventura County?

Accepted Answer

Most bank statement programs want a 640 minimum. Higher scores get better rates and terms.

Question 5

Can I buy in Fillmore with irregular monthly deposits?

Accepted Answer

Inconsistent deposits make qualification harder. Lenders want to see a stable deposit pattern across the full statement period.

Question 6

What if my tax returns show a loss?

Accepted Answer

That's exactly why this loan exists. Lenders ignore your tax returns entirely — your deposits tell the income story.

Bank Statement Loans in Fillmore, CA