Question 1

Can I use personal bank statements if I have a business account?

Accepted Answer

Yes. Some borrowers qualify better on personal statements. We review both to find which produces the stronger income calculation.

Question 2

How many months of statements do I need to provide?

Accepted Answer

Most programs require 12 or 24 months. The longer window can increase or stabilize your qualifying income depending on your deposit history.

Question 3

Do bank statement loans have higher rates than conventional loans?

Accepted Answer

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

Question 4

What credit score do I need for a bank statement loan in Placentia?

Accepted Answer

Most lenders want 620 or higher. Some non-QM programs go lower, but better scores get you better terms.

Question 5

Can large deposits from a business sale hurt my application?

Accepted Answer

They can raise flags. Lenders look for recurring income patterns. One-time large transfers often get excluded from the income calculation.

Question 6

How is this different from a stated income loan?

Accepted Answer

You still document your income — just with bank statements instead of tax returns. Stated income loans with no documentation no longer exist.

Bank Statement Loans for Placentia's Self-Employed Buyers