Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Personal statements work well if income flows directly to you. Business statements require lenders to apply an expense ratio first.

Question 2

How much down payment do I need in Laguna Woods?

Accepted Answer

Most bank statement loans start at 10% down. Higher loan amounts or lower credit scores may require more.

Question 3

Do I need two years of self-employment history?

Accepted Answer

Most lenders want at least two years in the same line of work. Some will accept 12 months with strong deposits.

Question 4

Are bank statement loans legal in California?

Accepted Answer

Yes. They're non-QM loans, which means they don't follow standard agency guidelines but are fully legal and widely used in California.

Question 5

Will my tax write-offs hurt my qualification?

Accepted Answer

Not on a bank statement loan. Lenders look at deposits, not taxable income. That's the core advantage of this program.

Question 6

How do rates on bank statement loans compare to conventional?

Accepted Answer

Rates run higher than conventional loans given the non-QM risk layer. Rates vary by borrower profile and market conditions.

Bank Statement Loans in Laguna Woods, CA