Question 1

Can I use a business bank account?

Accepted Answer

Yes. Most lenders apply a 50% income factor to business deposits. Personal accounts use 100% of deposits.

Question 2

Do I need 12 or 24 months of statements?

Accepted Answer

12 months is the minimum. 24 months strengthens your file and may improve your rate.

Question 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want a 640. Some go lower with a larger down payment.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry more risk for lenders. Rates are higher. Rates vary by borrower profile and market conditions.

Question 5

Can I buy a high-value Dana Point property with this loan?

Accepted Answer

Yes, but you'll need a lender that offers jumbo non-QM. Not all of them do.

Bank Statement Loans in Dana Point, CA