Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Personal statements use 100% of deposits. Business statements typically apply a 50% expense factor to estimate income.

Question 2

Do bank statement loans cost more than conventional?

Accepted Answer

Yes, rates run higher than conventional loans. Rates vary by borrower profile and market conditions.

Question 3

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average deposits over the full 12 or 24 months. Some variation is fine — large unexplained gaps hurt more than seasonal swings.

Question 4

Can I buy a primary residence in Clearlake with this loan?

Accepted Answer

Yes. Bank statement loans work for primary homes, second homes, and investment properties.

Question 5

How long does it take to close a bank statement loan?

Accepted Answer

Expect 30 to 45 days. Non-QM underwriting takes longer than conventional. Have your statements organized before you apply.

Bank Statement Loans in Clearlake, CA