Question 1

Do I need tax returns to qualify for a Bank Statement Loan?

Accepted Answer

No. Bank Statement Loans use 12–24 months of business bank deposits instead of tax returns. Your actual cash flow, not your filed income, determines qualification. This is the core advantage for self-employed buyers.

Question 2

What credit score do I need for a Bank Statement Loan in Moraga?

Accepted Answer

Most lenders require 620+ FICO, but 640+ gets better rates. At 620–639, expect rates 0.5–1% higher. Above 660, you're in standard pricing territory for Bank Statement Loans.

Question 3

How much down payment is typical for a Bank Statement Loan?

Accepted Answer

Down payments range from 10% to 25%. A 15% down payment ($180,000 on a $1,200,000 purchase) is common. Higher down payments lower your rate and improve approval odds.

Question 4

Why do Bank Statement Loans cost more than conventional mortgages?

Accepted Answer

Lenders charge 0.25–0.5% higher rates because manual underwriting takes more time and carries more risk. You're paying for flexibility — the ability to qualify without tax returns. It's a real cost for a real benefit.

Question 5

Can I use Bank Statement Loans to buy a second home or investment property in Moraga?

Accepted Answer

Yes, but rates and down payments are stricter for investment properties. Most lenders require 20–25% down and charge an additional 0.5–1% rate premium. Primary residence loans are more competitive.

Bank Statement Loans in Moraga: Self-Employed Financing Without Tax Returns