Question 1

Can I use business bank statements?

Accepted Answer

Yes. Lenders apply an expense factor — usually around 50% — to gross deposits. Personal statements often yield higher qualifying income.

Question 2

What credit score do I need?

Accepted Answer

Most bank statement lenders want 640 or above. Lower scores are sometimes possible but come with higher rates.

Question 3

How much can I borrow in Alameda County?

Accepted Answer

Bank statement loans aren't capped by conforming limits. Loan amounts into jumbo territory are possible depending on your deposit history.

Question 4

Do I need 24 months of statements?

Accepted Answer

Not always. Some lenders approve with 12 months. Longer history usually helps if your income fluctuates seasonally.

Question 5

Is the rate higher than a conventional loan?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

Question 6

Can I use this loan to buy investment property in San Leandro?

Accepted Answer

Yes. Bank statement loans work for primary, second home, and investment purchases. Each property type carries different guidelines.

Bank Statement Loans for San Leandro's Self-Employed