Question 1

Can I use business bank statements in Piedmont?

Accepted Answer

Yes, but lenders apply an expense factor to business deposits. Personal statements sometimes qualify you for more income.

Question 2

Do bank statement loans cost more than conventional?

Accepted Answer

Yes. Rates run higher than conventional. The tradeoff is qualifying without tax returns. Rates vary by borrower profile and market conditions.

Question 3

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Providing 24 months usually improves your rate and strengthens your file.

Question 4

What credit score do I need for this loan?

Accepted Answer

Most lenders start at 620 to 640. A score above 700 gives you access to better pricing and lower down payment options.

Question 5

Can I buy a jumbo-priced home with a bank statement loan?

Accepted Answer

Yes. Non-QM lenders regularly go above conforming limits. Piedmont's price range is exactly what these loans are built for.

Bank Statement Loans for Piedmont's Self-Employed Buyers