Question 1

Do I need to be self-employed to get a bank statement loan?

Accepted Answer

Yes. These loans are designed for self-employed borrowers only. W-2 employees should use conventional or FHA instead.

Question 2

Can I use a business bank account?

Accepted Answer

Yes. Business statements work. Lenders apply an expense ratio — typically 50% — to calculate your qualifying income.

Question 3

How many months of statements do lenders want?

Accepted Answer

Most require 12 months minimum. Some programs use 24 months for a stronger income average.

Question 4

Are rates higher than conventional loans?

Accepted Answer

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

Question 5

Can I buy a primary residence in Buena Park with this loan?

Accepted Answer

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

Question 6

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average the full 12 or 24 months. Large gaps can hurt — consistent deposits over time matter most.

Bank Statement Loans in Buena Park, CA