Question 1

Can I use bank statements from multiple accounts?

Accepted Answer

Yes, most lenders allow you to combine statements from multiple accounts, whether personal or business. All accounts must be in your name or your business name, and you'll need to provide complete statements for the full review period.

Question 2

How far back do my bank statements need to go?

Accepted Answer

Most programs require 12 to 24 months of consecutive bank statements. Some lenders offer 12-month options with higher down payments, while 24-month programs may provide better rates and terms.

Question 3

What if my deposits vary significantly month to month?

Accepted Answer

Lenders average your deposits over the statement period, which smooths out fluctuations. Seasonal businesses or variable income can still qualify, though consistent deposits generally produce better qualifying amounts and terms.

Question 4

Do bank statement loans work for investment properties in Concord?

Accepted Answer

Yes, bank statement loans finance both primary residences and investment properties. Investment properties typically require larger down payments, usually 20-25%, and may have slightly higher interest rates than owner-occupied homes.

Question 5

How long does underwriting take compared to conventional loans?

Accepted Answer

Bank statement loan underwriting typically takes 3-5 weeks, similar to conventional loans. The main difference is gathering and analyzing bank statements rather than tax returns, but overall timelines are comparable with proper documentation.

Bank Statement Loans in Concord: Financing for Self-Employed Borrowers Without Traditional Income Docs