Question 1

Can I use both personal and business bank statements?

Accepted Answer

Yes, but not mixed together. Pick one source per loan. Business statements carry an expense factor; personal statements do not.

Question 2

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders want 2 years of self-employment history. Some allow 12 months with strong deposits and reserves.

Question 3

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry more lender risk, so rates run higher. Rates vary by borrower profile and market conditions.

Question 4

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average all 12 or 24 months. Big gaps or unusual deposits will raise questions — be ready to explain them.

Question 5

Can I buy in Los Alamitos with less than 20% down?

Accepted Answer

Some programs allow 10% down. Below 20%, expect stricter credit and reserve requirements from the lender.

Question 6

Do bank statement loans work for second homes?

Accepted Answer

Yes. Second home purchases are eligible. Investment properties usually fit better under a DSCR loan structure.

Bank Statement Loans in Los Alamitos, CA