Question 1

How many months of bank statements do I need?

Accepted Answer

Most programs require 12 months. Some lenders offer 24-month options, which can help if recent income was inconsistent.

Question 2

Can I use business bank statements?

Accepted Answer

Yes. Lenders apply an expense factor to business deposits. Service businesses typically use a 50% factor to calculate qualifying income.

Question 3

Do bank statement loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry more risk for lenders, so rates run higher. Rates vary by borrower profile and market conditions.

Question 4

Can I buy in Hayward with a bank statement loan?

Accepted Answer

Yes. These loans work for purchases and refinances. Loan limits are flexible, which matters in Alameda County's price range.

Question 5

What if my deposits vary month to month?

Accepted Answer

Lenders average your deposits over the full statement period. Wild swings can hurt your qualifying income, so consistent cash flow helps.

Bank Statement Loans for Hayward's Self-Employed