Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes, most lenders accept personal statements. You'll need to show consistent deposits tied to self-employment 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 12 to 24 months. Inconsistency hurts but doesn't automatically disqualify you.

Question 4

Can I buy a primary home in Garden Grove with this loan?

Accepted Answer

Yes. Bank statement loans cover primary residences, second homes, and investment properties.

Question 5

How much do I need to put down in Orange County?

Accepted Answer

Most bank statement programs require 10 to 20 percent down. Stronger credit can reduce that requirement.

Question 6

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

Accepted Answer

Expect 21 to 30 days with a complete file. Missing statements or messy deposits slow things down fast.

Bank Statement Loans for Garden Grove's Self-Employed