Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Most lenders allow business statements but apply an expense factor, typically 50%. That reduces your qualifying income.

Question 2

Do bank statement loans cost more than conventional loans?

Accepted Answer

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

Question 3

How many months of statements do I need?

Accepted Answer

Most programs require 12 months minimum. Twenty-four months gives lenders more confidence and can improve your terms.

Question 4

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average all 12 or 24 months. Inconsistent deposits lower your average and may reduce what you qualify for.

Question 5

Is a bank statement loan a good fit for Berkeley buyers?

Accepted Answer

It depends on your deposit history and the purchase price. We review your statements before recommending any program.

Question 6

Can I refinance with a bank statement loan?

Accepted Answer

Yes. Rate-and-term and cash-out refinances are both available under bank statement programs. Same documentation applies.

Bank Statement Loans in Berkeley for the Self-Employed