Question 1

How many months of bank statements do I need?

Accepted Answer

Most programs require 12 or 24 months. A longer history can help if recent months show stronger deposits.

Question 2

Can I use business bank statements?

Accepted Answer

Yes, but lenders apply an expense factor — usually 50% — to business deposits. This reduces your qualifying income.

Question 3

What credit score do I need in Alameda County?

Accepted Answer

Most bank statement programs start at 640. Scores above 700 typically get better rates and terms.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

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

Question 5

Can I buy in Newark without two years of self-employment?

Accepted Answer

Most lenders require at least 24 months of self-employment. Some allow 12 months with strong compensating factors.

Question 6

Do large cash deposits hurt my qualifying income?

Accepted Answer

Lenders scrutinize large or irregular deposits. They may exclude one-time transfers that don't reflect normal business income.

Bank Statement Loans for Newark's Self-Employed Borrowers