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Tustin has a strong base of self-employed residents — contractors, consultants, business owners. Standard W-2 loans don't reflect how these borrowers actually earn.
Bank statement loans fill that gap. Lenders use 12 to 24 months of deposits to calculate your income instead of tax returns.
12–24 Months
Statement Period
620 (typical)
Min Credit Score
No
Tax Returns Required
Non-QM
Loan Type
Bank Statement Loans in Tustin
You'll need 12 to 24 months of personal or business bank statements. Lenders average your monthly deposits to determine qualifying income.
Business account users typically get a 50% expense factor applied. Personal accounts often use a higher percentage of deposits. Credit requirements vary by lender, but 620 is a common floor.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Tustin.
Tustin has a strong base of self-employed residents — contractors, consultants, business owners. Standard W-2 loans don't reflect how these borrowers actually earn.
Bank statement loans fill that gap. Lenders use 12 to 24 months of deposits to calculate your income instead of tax returns.
You'll need 12 to 24 months of personal or business bank statements. Lenders average your monthly deposits to determine qualifying income.
Most retail banks don't offer bank statement loans. These are non-QM products — meaning they fall outside conventional mortgage guidelines.
Wholesale lenders are where this product lives. As brokers, we work with 200+ of them. Rate and program terms vary widely across lenders. Rates vary by borrower profile and market conditions.
The biggest mistake I see: borrowers apply at one lender and get denied, then assume they can't qualify. Bank statement loan guidelines differ dramatically between lenders.
Some lenders allow a 12-month statement period. Others require 24. Some will go down to a 580 credit score. Shopping across lenders isn't optional — it's the whole game.
A 1099 loan uses your freelance income forms instead of statements. A P&L loan uses an accountant-prepared profit and loss statement. Bank statement loans skip both.
If you own rental properties, a DSCR loan qualifies on property cash flow — not your income at all. The right product depends on how your money moves.
Orange County home prices push many Tustin buyers into jumbo loan territory. Bank statement loans can go jumbo — that matters here.
Tustin's business community includes aerospace, tech, and retail ownership. These borrowers write off aggressively, which tanks taxable income. Bank statement loans look at actual cash flow, not what's on a Schedule C.
Yes, but lenders apply an expense factor — often 50%. Personal accounts typically allow a higher percentage of deposits to count as income.
Yes. Bank statement loans are designed for self-employed borrowers. W-2 employees should look at conventional or FHA programs instead.
Most lenders want 12 to 24 months. The longer the period, the more income stability lenders can verify.
Yes, typically. Non-QM loans carry more lender risk, so rates run higher. Rates vary by borrower profile and market conditions.
Some lenders allow it, but a DSCR loan is often a cleaner fit for investment properties. We'll compare both options for your situation.
Most lenders want 620 or higher. Some go lower with stronger compensating factors like large reserves or a lower loan-to-value ratio.