Question 1

Do I need to show tax returns for a bank statement loan?

Accepted Answer

No. That's the point of this loan. Your deposits replace tax returns as proof of income.

Question 2

Can I use business bank statements instead of personal?

Accepted Answer

Yes, but lenders apply an expense factor — usually 50%. Personal statements often produce a higher qualifying income.

Question 3

What credit score do I need in Orland?

Accepted Answer

Most non-QM lenders require 640 or higher. Some programs go lower, but rates climb fast below 660.

Question 4

How much down payment does this loan require?

Accepted Answer

Expect 10-20% down. The stronger your credit and deposit history, the lower your down payment requirement tends to be.

Question 5

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry more lender risk, so rates run higher. Rates vary by borrower profile and market conditions.

Question 6

How many months of statements do lenders want?

Accepted Answer

Most require 12 months minimum. A 24-month average gives lenders more confidence and can improve your qualifying income.

Bank Statement Loans for Orland's Self-Employed Borrowers