Question 1

Do I need a W-2 job to qualify for a Bank Statement Loan?

Accepted Answer

No. Bank Statement Loans are designed for self-employed borrowers. You prove income through 24 months of bank deposits, not a W-2. Contractors, consultants, small-business owners, and 1099 workers qualify if deposits are consistent and sufficient.

Question 2

How much down payment do I need for a Bank Statement Loan in Belvedere?

Accepted Answer

Typically 10–25% depending on credit score and reserves. Stronger credit and larger reserves (6–12 months) can support 10% down. Weaker credit or thin reserves may require 20–25%.

Question 3

What credit score do I need?

Accepted Answer

Minimum 620 FICO, but 640+ is standard for Belvedere's price range. Higher credit scores (680+) open better rates and lower down payment requirements.

Question 4

How long does underwriting take for a Bank Statement Loan?

Accepted Answer

Plan for 45–60 days. Bank Statement Loans require manual underwriting—a human reviews your deposits, not an algorithm. That takes longer than conventional loans (30 days) but ensures a thorough, fair evaluation of your actual cash flow.

Question 5

Can I use seasonal or irregular income to qualify?

Accepted Answer

Yes, if the pattern is consistent over 24 months. A contractor with high summer deposits and lower winter months still qualifies. Lenders average your deposits across the full 24 months.

Bank Statement Loans in Belvedere: Financing for Self-Employed Buyers