Question 1

Can I use business bank statements instead of personal?

Accepted Answer

Yes. Lenders apply an expense factor — typically 50% — to business deposits. Personal statements usually produce a higher qualifying income.

Question 2

How long do I need to be self-employed?

Accepted Answer

Most lenders require 2 years of self-employment history. A CPA letter or business license helps document it.

Question 3

Do bank statement loans have higher rates than conventional?

Accepted Answer

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

Question 4

What credit score do I need in Newport Beach?

Accepted Answer

Most bank statement programs start at 620. Better rates and higher loan amounts open up at 700 and above.

Question 5

Can I buy a second home or investment property?

Accepted Answer

Many non-QM lenders allow it. Second homes and investment properties typically require larger down payments and higher reserves.

Question 6

How many months of bank statements do lenders want?

Accepted Answer

Minimum is usually 12 months. Submitting 24 months gives lenders more confidence and often improves your terms.

Bank Statement Loans in Newport Beach, CA