Question 1

Can I use personal and business bank statements together?

Accepted Answer

Yes, but lenders treat them differently. Business accounts typically get a lower expense ratio, which means more qualifying income.

Question 2

Do bank statement loans cost more than conventional loans?

Accepted Answer

Yes. Rates run higher than conventional loans because lenders take on more risk. Rates vary by borrower profile and market conditions.

Question 3

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

Accepted Answer

Most lenders require at least two years of self-employment. Some non-QM lenders will accept 12 months with strong deposits.

Question 4

Does Mission Viejo have loan amount limits for bank statement loans?

Accepted Answer

Bank statement loans are non-QM, so they're not capped by conforming limits. Lender maximums vary — many go to $3M or higher.

Question 5

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average deposits over the statement period. Large swings can raise flags — consistency across 12 to 24 months matters most.

Bank Statement Loans in Mission Viejo for Self-Employed Buyers