Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Most lenders accept business statements. They'll apply an expense factor — typically 50% — to calculate your qualifying income.

Question 2

Do I need to show two years of self-employment?

Accepted Answer

Most lenders require 2 years of self-employment history. Some will approve at 12 months with strong statements and reserves.

Question 3

What credit score do I need in Orange County?

Accepted Answer

Most bank statement lenders want 660 minimum. Scores above 720 open up better rates and lower down payment options.

Question 4

How much can I borrow with a bank statement loan?

Accepted Answer

Loan amounts vary by lender and borrower profile. Some wholesale lenders go up to $3M or higher for well-qualified borrowers.

Question 5

Are rates higher than conventional loans?

Accepted Answer

Yes, typically. Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

Question 6

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average the full 12 or 24 months. Inconsistent months hurt your average — 24-month statements often smooth that out.

Bank Statement Loans in Lake Forest, CA