Question 1

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 or 24 months. More months usually means more income stability in the lender's eyes.

Question 2

Can I use a business account for this loan?

Accepted Answer

Yes, but lenders apply an expense factor to business deposits. Personal accounts often produce a higher qualifying income.

Question 3

Do bank statement loans cost more than conventional loans?

Accepted Answer

Rates are higher than conventional. The tradeoff is qualifying without tax returns. Rates vary by borrower profile and market conditions.

Question 4

Is there a maximum loan amount in San Anselmo?

Accepted Answer

Non-QM lenders set their own limits. Many go into jumbo territory, which matters in Marin's high-price market.

Question 5

What credit score do I need to qualify?

Accepted Answer

Most bank statement lenders want at least 620 to 660. Higher scores open up better rates and lower down payment options.

Bank Statement Loans in San Anselmo, CA