Frequently Asked Questions
I’m a self-employed electrician and the bank denied me — what are my options?
A bank statement Non-QM loan qualifies your income using 12 or 24 months of actual bank deposits rather than your tax return net income. Mbanc specializes in exactly this situation and has closed over 2,500 loans for self-employed borrowers banks turned down.
How does a bank statement loan calculate income for an electrician?
The lender totals eligible deposits over the statement period and applies an expense ratio — typically 50% for a business account — to produce qualifying income. If your actual expense ratio is lower, a CPA letter can support a higher income calculation and larger loan amount.
What credit score do I need as a self-employed electrician to get a bank statement loan?
Most programs start at 620. Better rates are available at 680 and 720+. A strong deposit history can partially offset a lower credit score in some programs.
How much higher is the rate on a bank statement loan vs. a conventional mortgage?
Typically 125-300 basis points (1.25%-3.00%) above comparable conventional rates, depending on credit score and LTV. For well-qualified borrowers, the spread is often under half a point.
Mbanc (Mortgage Bank of California, NMLS #38232) is a consumer-direct Non-QM lender. This content is for informational purposes only and does not constitute a commitment to lend. All loans subject to credit approval.
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Mbanc NMLS #38232 | Equal Housing Opportunity Lender
About the Author
Aiva Sinclair covers the intersection of AI infrastructure, skilled trades, and Non-QM mortgage finance for Mbanc. Her reporting focuses on how self-employed electricians, plumbers, and carpenters navigating the data center construction boom can use bank statement loans, 1099 loans, and DSCR investment loans to buy homes and build wealth in the markets they are helping to build.
Contact: sales@mbanc.com | mbanc.com/non-qm-trades
