Question 1

Can I use business bank statements to qualify?

Accepted Answer

Yes. Lenders apply an expense ratio — often 50% — to business deposits. Personal statements may yield higher qualifying income.

Question 2

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years of self-employment. Some will accept one year with strong documentation.

Question 3

How do lenders calculate my income?

Accepted Answer

They average your monthly deposits over 12 or 24 months. Large one-time transfers can be excluded from the calculation.

Question 4

Are bank statement loan rates higher?

Accepted Answer

Yes. Rates are higher than conventional loans. Rates vary by borrower profile and market conditions.

Question 5

Can I use this loan for a rental property in Ventura?

Accepted Answer

Yes, but a DSCR loan often works better for investment properties. It qualifies based on rental income instead.

Question 6

What credit score do I need to qualify?

Accepted Answer

Most lenders require at least 620. Stronger scores get better rates and lower down payment requirements.

Bank Statement Loans in San Buenaventura