Question 1

Do I need to be self-employed to qualify?

Accepted Answer

Yes. Bank statement loans are designed for self-employed borrowers. W-2 employees use standard income documentation.

Question 2

Can I use business bank statements?

Accepted Answer

Yes, but lenders apply an expense factor — often 50% — to business deposits. Personal statements usually produce higher qualifying income.

Question 3

What credit score do I need in Orange County?

Accepted Answer

Most non-QM lenders want 680 or higher. Some programs allow lower scores with larger down payments.

Question 4

How long does the approval process take?

Accepted Answer

Expect 3 to 4 weeks in most cases. Non-QM underwriting takes longer than conventional loans.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes. Bank statement loans carry higher rates due to non-QM risk pricing. Rates vary by borrower profile and market conditions.

Question 6

Can this loan cover a Laguna Hills home above $1M?

Accepted Answer

Yes. Many non-QM lenders go up to $3M or more. Loan limits are lender-specific, not government-set.

Bank Statement Loans in Laguna Hills, CA