Question 1

Can I use business bank statements in Union City?

Accepted Answer

Yes, but lenders apply an expense factor to business deposits. Personal statements sometimes produce a higher qualifying income.

Question 2

How many months of statements do I need?

Accepted Answer

Most lenders require 12 to 24 months. Longer history gives a more consistent income picture and may improve your terms.

Question 3

What credit score do I need for a bank statement loan?

Accepted Answer

Most lenders start at 620 to 660. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

Are bank statement loans more expensive than conventional?

Accepted Answer

Yes, rates are typically higher due to the non-QM nature. The trade-off is qualifying without traditional income docs.

Question 5

Can I buy a higher-priced home in Alameda County with this loan?

Accepted Answer

Yes. Many non-QM lenders offer jumbo bank statement loans. Your deposit history needs to support the income required for the price point.

Bank Statement Loans in Union City, CA